- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-05-24T17:39:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) reached agreements with two banks over concerns related to risk governance practices.
Michigan-based Comerica Bank & Trust and Illinois-based Lemont National Bank avoided penalties but accepted certain compliance undertakings in reaching agreements with the OCC announced Thursday.
The OCC found unsafe and unsound practices at Comerica related to the bank’s risk governance framework and internal controls. At Lemont, the agency found similar deficiencies related to liquidity risk management and capital planning.
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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 issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
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.
