The Office of the Comptroller of the Currency (OCC) published its February 2025 set of public enforcement actions, including two formal agreements with supervised institutions, multiple prohibition orders against institution-affiliated parties, and the termination of a prior cease-and-desist order against Wells Fargo Bank, N.A. The OCC also announced updates to its public enforcement action search tool. The formal agreements cover Dearborn FSB for unsafe or unsound practices tied to compliance management, fair lending risk management, insider activities and compensation practices, alongside recordkeeping violations, and Patriot Bank, N.A. for violations and unsafe or unsound practices related to strategic and capital planning, Bank Secrecy Act and Anti-Money Laundering risk management, payment activities oversight, credit administration, and concentration risk management. The individual actions include prohibition orders against former bank personnel for misconduct including misappropriating commercial customer deposits with a loss of at least USD 23,000, unauthorized access to customer records and selling information to a third party, unauthorized access to personal information and forging checks to steal at least USD 14,000, and deficiencies tied to certain new market tax credit loans that caused a legal lending limit breach. A prohibition and cease-and-desist order was also issued against a former loan officer for conduct including false statements and omissions to influence mortgage lending decisions, failing to identify and escalate red flags, and not fully disclosing a mortgage broker’s involvement and fees; separately, the OCC terminated the April 2018 cease-and-desist order against Wells Fargo that addressed enterprise-wide compliance risk management weaknesses and violations of law that resulted in consumer harm. The updated enforcement actions search tool adds the ability to search actions issued since 2012 by subject matter and more easily view the subject matters covered, alongside access to the OCC’s downloadable public enforcement action database.
Office of the Comptroller of the Currency 2025-02-20
Office of the Comptroller of the Currency announces February 2025 enforcement actions including new bank agreements, individual prohibition orders and termination of a Wells Fargo order
The Office of the Comptroller of the Currency (OCC) released its February 2025 enforcement actions, including formal agreements with Dearborn FSB and Patriot Bank, N.A., prohibition orders against former bank personnel, and the termination of a cease-and-desist order against Wells Fargo Bank, N.A. The OCC's updated enforcement action search tool now allows searches by subject matter for actions issued since 2012.