On October 17, the OCC released a list of recent enforcement actions taken against banks and individuals affiliated with national banks, federal savings associations and institution-affiliated parties, or IAPs. The OCC issued four formal agreements against banks, a cease and desist order against a fifth bank, and four orders of prohibition against IAPs. The formal agreements and cease and desist order include allegations that the banks engaged in unsafe or unsound practices related to BSA/AML compliance, board management, credit underwriting, liquidity risk management and strategic planning. The orders of prohibition against IAPs include allegations of fraud, misappropriation of funds, stealing bank funds, and making false representations. A list of OCC enforcement action types can be found here.
