- 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.
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Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
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.
