OCC enforcement actions announced

The OCC has released its November 2023 list of enforcement actions. Included are:

• A Formal Agreement with Heritage Bank, National Association, Spicer, Minnesota, for unsafe or unsound practices, including those relating to capital and strategic planning, timely and adequate credit review, ongoing monitoring of the credit portfolio, and liquidity risk management.
• A Consent Order against United Fidelity Bank, FSB, Evansville, Indiana, for engaging in unsafe or unsound practices, including those relating to corporate governance and enterprise risk management, credit underwriting and administration, liquidity risk management, and interest rate risk management.
• A Consent Order against Vast Bank, National Association, Tulsa, Oklahoma, for engaging in unsafe or unsound practices, including those relating to capital ratios, capital and strategic planning, project management, books and records, liquidity risk management; interest rate risk management, information technology controls, risk management for new products, and custody account controls.
• An Order of Prohibition against Andrew Leseberg, a former loan processor at The Citizens National Bank, N.A., Greenleaf, Kansas, for stealing, embezzling, or otherwise misappropriating aspproximately $16,050, at a loss or risk of loss to the bank.
• A Notice of Charges for an Order of Prohibition against a former financial advisor for Citibank, N.A., Sioux Falls, South Dakota, who is alleged to have solicited an elderly customer to invest, and the customer did invest, more than $200,000 in a company the former financial adviser co-owned; received at least $99,000 in direct payments from the company; and falsely represented that she was following, and would follow, policies prohibiting this conduct.