- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-15T21:00:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the former general counsel at Michigan-based Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act (BSA) compliance and failing to timely file suspicious activity reports.
Colleen Kimmel failed to ensure the bank properly investigated a fraudulent residential mortgage loan product it offered to customers, according to the OCC, which acknowledged she did not have the proper resources to carry out her legal- and compliance-related functions.
In May 2021, three former employees of the bank pleaded guilty to charges levied by the Department of Justice over widespread bank fraud for selling bogus residential mortgage loans through its advanced loan program (ALP). In September 2022, the bank agreed to pay a $6 million fine assessed by the OCC related to the alleged misconduct.
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The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
