OCC updates policies regarding violations

The OCC has issued Bulletin 2017-18 with an update of policies and procedures regarding violations of laws and regulations to become effective July 1, 2017. The updates are reflected in the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies,” and “Large Bank Supervision” booklets and other sections of the Comptroller’s Handbook and internal guidance. Among the changes will be a consistent format for communicating violations that includes legal citations and descriptions of the violation, a summary of relevant statutory or regulatory requirements, facts supporting the violation and root cause(s), corrective action(s) required, and the commitments of the bank's board and management to corrective action.