OCC enforcement orders announced

The OCC has announced new enforcement actions.

• A former vice president of business banking at PNC Bank, Wilmington, Delaware, was issued an order of prohibition and to pay a $35,000 civil money penalty for circumventing his bank's Know Your Customer controls and using a straw account holder/signer for a person whose accounts the bank had previously closed for suspicious activity.
• A $5,000 civil money penalty order was issued to the individual serving as president, chief financial officer and chairman of the board of Chester National Bank, Chester, Illinois, for the bank's repeat violations of 12 CFR 1.5. The bank had failed to document the credit analysis necessary to demonstrate that a bank-owned corporate security remained of "investment grade," despite being downgraded by two credit rating agencies.
• A former teller at JPMorgan Chase Bank, NA, Columbus, Ohio, was issued a prohibition order for repeatedly misappropriating bank funds and force balancing his cash box to conceal the shortages, which totaled over $9,000.