- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-30T20:55:00
The Office of the Comptroller of the Currency’s (OCC) new policies and procedures for assessing civil money penalties (CMP) establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and the degree of severity of the violations.
The OCC’s new CMP guidance, released Tuesday, provides agency supervisors with an updated matrix that significantly increases potential fines for offending institutions. In the 2018 CMP guidance, penalties were largely capped at $150 million for any institution with assets over $100 billion.
The new CMP guidance sets significantly higher penalties for large banks by creating two new categories: institutions with assets from $500 billion to $1 trillion and those with $1 trillion or more in assets.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
Banking regulators unveiled new stress test requirements for the largest financial institutions, including a series of hypothetical global market shocks six banks will be required to face.
An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice (DOJ), said.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
