OCC Announces Enforcement Actions Against Banks in June

The Office of the Comptroller of the Currency (OCC) took a series of enforcement actions against national banks, federal savings associations, and individuals formerly affiliated with OCC-supervised institutions, according to details released by the regulator on Friday.

Among the actions aimed at banks, the OCC issued a formal agreement with Credit Suisse AG's New York Branch to address deficiencies related to compliance with the Bank Secrecy Act and other anti-money laundering laws and regulations. The formal agreement was a condition for the branch's conversion to a federal license, with the provisions substantially mirroring a prior written agreement between the branch, the Federal Reserve, and New York state regulators.

The OCC also entered into a formal agreement with Touchmark National Bank in Alpharetta, Georgia over unsafe or unsound practices. The agreement cited deficiencies in areas such as strategic planning, board and management oversight, liquidity risk management, credit risk management, auditing, and information technology at the bank.

On the enforcement front against individuals, the OCC issued orders of prohibition barring two former bank employees from participating in the banking industry. Manuel Alejandro Ramirez Perez, an ex-employee at Bank of America branches in Florida, was prohibited for improperly accessing and disclosing customer account information to a third party. Avianna Rivera, formerly of First National Bank Texas, was banned after embezzling $11,500 from a customer account.

The OCC also terminated a previous formal agreement from January 2022 against Commonwealth National Bank in Mobile, Alabama. The agency found the bank had demonstrated compliance with requirements related to strategic planning, loan portfolio management and internal audit issues that prompted the original action.

Orders of prohibition and formal agreements are common enforcement tools used by the OCC to correct violations and unsound practices at the institutions it supervises. By publicly disclosing these details, the regulator aims to deter future misconduct and promote accountability in the banking industry.

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