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OCC enforcement actions announced

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

  • an Order for Removal and Prohibition and to pay a Civil Money Penalty in the amount of $100,000 issued to the former president, director, and senior trust officer of the Northumberland National Bank, Northumberland, Pennsylvania, who caused the Bank to execute thousands of trades of fixed income securities from April 2002 to May 2014 between customer trust accounts at face or par value, without consideration of the actual market value of the securities being traded, which caused the Bank to suffer losses of approximately $1.21 million (with interest) when it reimbursed 561 trust customers for their losses.
  • a previously announced Order for Removal and Prohibition and to pay a Civil Money Penalty in the amount of $50,000 issued to the former general counsel of Rabobank, N.A., Roseville, California
  • an Order of Prohibition issued to a former customer care representative of First Niagara Bank, N.A., Buffalo, New York
  • an Order of Prohibition issued to a former employee of Bank of America, N.A., Charlotte, North Carolina
  • an Order of Prohibition issued to a former Customer Service and Sales Representative of Wells Fargo Bank, N.A., Sioux Falls, South Dakota
  • an Order to pay a Civil Money in the amount of $15,000 issued to an executive vice president and director of Beauregard Federal Savings Bank, DeRidder, Louisiana
  • an Order to pay a Civil Money Penalty in the amount of $9,500 issued to a former senior vice president and commercial lender of Simmons First National Bank, Pine Bluff, Arkansas
  • an Order to pay a Civil Money Penalty in the amount of $5,000 issued to the president and director of Beauregard Federal Savings Bank, DeRidder, Louisiana
  • a Formal Agreement with the First National Bank of Hope, Hope, Kansas
  • a Formal Agreement with Sterling Bank and Trust, FSB, Southfield, Michigan
  • a Notice of Charges for Order of Prohibition, Cease-And-Desist Order Requiring Restitution, and Assessment of a Civil Money Penalty issued to a former senior vice president of Firstar Bank, N.A., Sallisaw, Oklahoma (now known as Firstar Bank)
  • Orders for payment of Civil Money Penalties for violations of the National Flood Insurance Act issued to MUFG Union Bank, N.A., San Francisco, California ($109,667), and Wilmington Savings Fund Society, FSB, Wilmington, Delaware ($85,264.50).
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