Tagged: OCC

Sterling Bank’s ex-General Counsel hit with OCC Cease-and-Desist over Longstanding BSA/AML Shortcomings

The Treasury Department’s Office of the Comptroller of the Currency (“OCC”) has taken action against the former General Counsel of Michigan-based Sterling Bank and Trust in the agency’s latest action against an individual corporate officer for failure to maintain an adequate Bank Secrecy Act (“BSA”) compliance program. Between 2012 and 2023, Colleen Kimmel was employed in various compliance-related capacities at Sterling Bank, including as General...

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

Bank of America joined the club of consumer abusers – Wells Fargo had been the well-established leader of this club and the poster-child for abusive consumer practices.  For years, Bank of America avoided federal enforcement for abuses and could distinguish itself from the poster-child, Wells Fargo.  Bank of America’s conduct is inexplicable. In response to the Wells Fargo scandal, you would have expected that Bank...