Financial Institutions, Regulatory Violations, Banks

OCC Patriot Bank Order Spotlights AML Issues For Managers

Troutman Pepper Locke on 7/11/2025

On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law....more

Federal Reserve Identifies Top Fair Lending Violations

Ballard Spahr LLP on 3/6/2025

In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more

Court Rules Against Banco San Juan Internacional, Inc. in Master Account Dispute

Troutman Pepper Locke on 1/14/2025

On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board...more

CFPB takes action against VyStar Credit Union for faulty rollout of online banking platform

Ballard Spahr LLP on 11/6/2024

The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more

Banks and Credit Unions Utilizing Ineffective Chatbots May Risk Violating Federal Law

Bradley Arant Boult Cummings LLP on 2/1/2024

In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law...more

OFAC Settles with Bank of China for $2.3 Million for Violation of Now-Repealed Sudan Sanctions Program (Part II of IV)

The Volkov Law Group on 9/8/2021

The UK-based Bank of China agreed to pay $2.3 million to settle violations of OFAC’s Sudan Sanctions Program. OFAC repealed the Sudan sanctions in October 2017 but is continuing to investigate violations of the Sudan...more