The Office of the Comptroller of the Currency released its public enforcement actions for June 2025, imposing formal agreements on three OCC-supervised banks to address unsafe or unsound practices, issuing two prohibition orders against former bank employees, and terminating two long-standing Graham-Leach-Bliley Act agreements with Wells Fargo Bank, N.A. The formal agreements cover Carver Federal Savings Bank (issues including strategic planning and earnings performance), Sterling Federal Bank, FSB (strategic planning, capital planning, credit administration, and liquidity risk management), and Texas Heritage National Bank (strategic planning, capital planning, liquidity and interest rate risk management, concentration risk management, the allowance for credit losses, and specified legal and regulatory violations including those relating to reports of condition and independent audit). The prohibition orders bar William Shane Garrow, former Private Banker at BOKF, N.A., for misappropriating over USD 3 million from customer accounts, and Amilcar A. Sanchez, former Branch Operations Manager and ATM Custodian at a Santander Bank, N.A. branch in Long Island City, New York, for stealing, embezzling, or otherwise misappropriating USD 370,000 from the bank. The termination order ends two Wells Fargo GLBA agreements dated September 15, 2015 that related to non-compliance with certain requirements for controlling or holding an interest in financial subsidiaries.
Office of the Comptroller of the Currency 2025-06-18
Office of the Comptroller of the Currency takes June 2025 enforcement actions against three banks and two individuals and ends two Wells Fargo GLBA agreements
The Office of the Comptroller of the Currency announced June 2025 enforcement actions, including agreements with three banks to rectify unsafe practices and prohibition orders against two former bank employees for fund misappropriation. The agreements address issues like strategic planning and risk management at Carver Federal Savings Bank, Sterling Federal Bank, and Texas Heritage National Bank. Additionally, two long-standing Graham-Leach-Bliley Act agreements with Wells Fargo Bank, N.A. were terminated.