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OCC enforcement actions announced

The OCC has released a list of new enforcement actions taken against OCC-supervised institutions and individuals currently and formerly affiliated with such institutions. The actions are dated in March and April. A previously announced fair-housing action against Citibank, N.A. (see our 03/19/2019 Top Story) was included. Also on the list were Removal/Prohibition orders a former teller at U.S. Bank, N.A. (Cincinnati, OH), who was found to have misappropriated funds to her own use from a bank customer's account in 2016, and former business associate at Wells Fargo Bank, N.A. (Sioux Falls, SD), found to have misappropriated over $23,000 from the bank in 2013-2014, and to have created false entries to the bank's general ledger accounts to conceal her actions.

The OCC also issued a Notice of Charges against the former General Counsel of Rabobank, N.A. (Roseville, CA), in preparation for a hearing before an Administrative Law Judge, of charges that could result in an order of prohibition and a $50,000 civil money penalty for having participated in providing false information to the OCC concerning the bank's BSA/AML program by attempting to conceal an independent evaluation of the bank's BSA/AML program that had corroborated OCC concerns for the program's adequacy. The OCC assessed a $50 million CMP on the bank in February 2018 relating to the bank's BSA/AML deficiencies.

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