The Office of the Comptroller of the Currency published its May 2025 public enforcement actions against two OCC-supervised banks and three institution-affiliated parties, including new cease and desist orders for Eastern National Bank and EH National Bank, civil money penalties and personal cease and desist orders against two former Wells Fargo audit executives, and a prohibition order against a former Grand Bank for Savings executive. Eastern National Bank (Miami, Florida) was cited for unsafe or unsound practices related to strategic and capital planning, earnings, and board and management supervision, and the OCC terminated a 2020 cease and desist order that was superseded by the new order. EH National Bank (Beverly Hills, California) was cited for unsafe or unsound practices related to management and board supervision, strategic and capital planning, liquidity risk, interest rate risk, and concentration risk, and the OCC terminated a formal agreement dated October 11, 2023 that was replaced by the cease and desist order. For individuals, former Wells Fargo Bank, N.A. Chief Auditor David Julian received a USD 100,000 civil money penalty and a personal cease and desist order, and former Executive Audit Director Paul McLinko received a USD 50,000 civil money penalty and a personal cease and desist order, both in connection with the bank’s longstanding systemic sales practices misconduct. Former Grand Bank for Savings, Federal Savings Bank Chief Executive Officer and board chairman Edward Langton was prohibited from participating in the affairs of a bank or other covered institution after the OCC found conflict of interest violations, unsafe or unsound practices, and a breach of fiduciary duty tied to his receipt of a USD 120,000 personal commission for brokering a bank real estate transaction despite being directed not to do so.
Office of the Comptroller of the Currency 2025-05-15
Office of the Comptroller of the Currency announces May 2025 enforcement actions including cease and desist orders for Eastern National Bank and EH National Bank and penalties linked to Wells Fargo sales practices
The Office of the Comptroller of the Currency issued enforcement actions against two banks and three individuals, including cease and desist orders for Eastern National Bank and EH National Bank. Former Wells Fargo executives received civil money penalties and personal cease and desist orders for systemic sales practices misconduct. A former Grand Bank for Savings executive was banned from banking activities due to conflict of interest violations and unsafe practices.