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OCC enforcement actions announced

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

  • an Order for Removal and Prohibition, to Cease and Desist, and to pay a Civil Money Penalty in the amount of $27,500 issued to McKinley Dailey, a former loan officer of First Southern National Bank, Lancaster, Kentucky, who made “side loans” in his name and the name of an associate and transferred the proceeds to customers with the understanding the they would repay him, causing a loss to the bank. The order to cease and desist included an order that Dailey also pay restitution of the $26,385.97 loss to the bank.
  • a Formal Agreement with The First National Bank of Tahoka, Tohoka, Kentucky
  • a Prompt Corrective Action directive issued to City National Bank of New Jersey, Newark, New Jersey
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