- 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.
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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.
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.
