Former Iowa banker pays $15K Reg O penalty
The OCC has issued a Consent Order to Kyle Swon, directing the Swon pay a civil money penalty of $15,000 on the basis of Swon's activities while serving as a director and executive of WCF Financial Bank, Webster City, Iowa.
The Comptroller found, and Swon neither admitted nor denied that, during the period from 2008 to 2015, while Respondent was a director and executive officer of the Bank, Respondent obtained at least 18 loans and 17 maturity extensions from the Bank. The loans involved more than the normal risk of repayment and presented other unfavorable features. Respondent failed to provide a detailed financial statement in advance of each loan, and the maturity extensions were not reported to the Bank’s board of directors. Respondent obtained a majority of his loans and maturity extensions from subordinate officers of the Bank, in violation of Bank policy.