On August 21, the OCC announced its enforcement actions for August. The OCC entered into a single formal agreement with a national bank to address alleged unsafe or unsound practices related to capital, strategic planning, liquidity, and contingency funding planning.
Additionally, the OCC issued eight orders of prohibition against institution-affiliated parties for various forms of purported misconduct — including embezzlement, fraudulent transactions and misappropriation of funds. These actions, according to the OCC, reinforce individual accountability for breaches of fiduciary duty and other violations.
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