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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.

OCC enforcement actions announced

The OCC has released a list of enforcement actions taken in May against OCC-supervised institutions and individuals affiliated with them. Among those actions were:

  • A Notice of Charges for an order of prohibition was issued against a former personal banking representative at Massachusetts branches of Santander Bank, N.A., Wilmington, Delaware, who misappropriated $46,027 of bank customer funds and created false bank entries. The Notice announces the OCC's intention to issue the order of prohibition, subject to the respondent's right to an administrative hearing of the OCC's charges.
  • A Notice of Prohibition was issued against a former Chief Executive Office and Chairman of the Board of Directors of The Federal Savings Bank, FSB, Chicago, Illinois, who has been indicted and charged with commission or participation in a crime involving dishonesty and breach of trust. The former banker is charged with using his position to issue $16 million in loans to a borrower whom the banker expected would, in return, assist the banker in obtained a senior position with an incoming presidential administration. When the borrower defaulted on the loans, the bank suffered a multi-million dollar loss.
  • An Order of Prohibition was issued against a former New York Branch Manger of JPMorgan Chase Bank, National Association, Columbus, Ohio, for theft of $4,992 from his teller drawer.
  • An Order of Prohibition was issued against a former Store Manager of Wells Fargo Bank, N.A., who inappropriately processed temporary memo credits to falsely inflate the balance of her personal account.
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