A report by the Office of the Comptroller of the Currency (OCC) finds that the nine largest US banks it oversees have used reputation risk policies to deny services to businesses and individuals based on social, political, and religious views as well as lawful banking activities.
Regulatory Enforcement
Posted inRegulatory Enforcement
BoA pays $1.21B for AML lapses and alleged sanctions violations
The US Treasury Department announced $1.21 billion in penalties against Bank of America for its lapses in anti-money laundering and alleged sanctions violations, and warned that enforcement of AML rules and federal Bank Secrecy Act compliance is a top priority.
Posted inBanking
CFPB targets debanking practices after OCC report
After an Office of the Comptroller of the Currency report found the nine largest national banks maintained debanking policies, the Consumer Financial Protection Bureau is taking action against them in one of its few moves under the current Trump administration.
Posted inRegulatory Enforcement
Former Wamco co-chief investment officer would pay $3M to resolve allegations of cherry-picking
Stephen Kenneth Leech II, a former co-chief investment officer at Western Asset Management Company (Wamco), has agreed to pay $3 million to settle allegations he steered hundreds of millions to certain portfolios.
Posted inAML
American Express hit with $350M penalty for lax BSA/AML compliance program
The Office of the Comptroller of the Currency and the U.S. Federal Reserve Board (FRB) each took enforcement action against American Express for deficiencies in its Bank Secrecy Act/anti-money laundering compliance program.
Posted inRegulatory Enforcement
Cleo AI paid $17M to settle allegations it deceived customers
Cash advance app Cleo AI agreed to meet compliance obligations for 10 years and to pay $17 million to settle allegations that it deceived millions of customers.
Posted inRegulatory Enforcement
Priceline’s online ads reportedly subject to an up to $500M fine from the FTC
The FTC is taking action against Bookings Holding, Priceline’s owner, over misleading third-party online hotel ads. The fine could be $500 million, Reuters reported on Wednesday.
Posted inTop Stories
Former Florida TD Bank employee admits laundering millions for Colombian criminals
A former employee at a Florida TD Bank branch has pleaded guilty to laundering about $4.8 million for Colombians involved in criminal activity in exchange for small bribes.
Posted inRetail
Alcohol distributor settles with FTC over higher prices charged to small stores
The largest U.S. distributor of wine and spirits has agreed to change its pricing practices toward mom-and-pop liquor stores to settle allegations that it selectively charged small retailers more for its products.
Posted inRegulatory Enforcement
Loan fraud involving former CEO and his friends allegedly led to collapse of Oklahoma’s First National Bank of Lindsay
A former borrower of the First National Bank of Lindsay conspired with the bank’s former chief executive concerning loans, which contributed to the Oklahoma bank’s collapse in 2024, the DOJ said.