OCC Announces March 2017 Enforcement Actions

Federal Issues OCC Enforcement Flood Insurance Banking Flood Disaster Protection Act

On April 20, the Office of the Comptroller of the Currency (OCC) released a list of enforcement actions taken against national banks, federal savings associations, and former institution-affiliated parties in March. The actions include orders for civil money penalties (CMPs), restitution, and prohibition. Among the actions, a California bank was fined $58,000 for violations of the Flood Disaster Protection Act, as well as the former Chairman, CEO, and President of a Wisconsin bank was banned from banking and ordered to pay a CMP of $100,000 and $1.6 million in restitution due to breaches of fiduciary duty and unsafe or unsound practices involving bank-paid personal expenses and excessive compensation.