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Financial Services Law Insights and Observations

OCC Announces May 2017 Enforcement Actions

Federal Issues OCC Enforcement

Federal Issues

On June 16, the OCC released a list of new enforcement actions taken against national banks, federal savings associations, and former institution-affiliated parties as well as a list of existing enforcement actions that were terminated in May. The actions include cease and desist, civil money penalties (CMP), and removal/prohibition orders. Among the actions, a senior loan originator of an Illinois bank was ordered to cease and desist and pay a CMP of $8,000 due to breaches of fiduciary duty and unsafe or unsound practices involving the transfer via unencrypted email of confidential consumer financial information.