- 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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Among the enforcement actions issued by the Treasury Department’s Office of the Comptroller of the Currency in August, two banks were separately penalized for deficiencies in anti-money laundering and Bank Secrecy Act compliance and board oversight.
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.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
