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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-02-15T21:00:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the former general counsel at Michigan-based Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act (BSA) compliance and failing to timely file suspicious activity reports.
Colleen Kimmel failed to ensure the bank properly investigated a fraudulent residential mortgage loan product it offered to customers, according to the OCC, which acknowledged she did not have the proper resources to carry out her legal- and compliance-related functions.
In May 2021, three former employees of the bank pleaded guilty to charges levied by the Department of Justice over widespread bank fraud for selling bogus residential mortgage loans through its advanced loan program (ALP). In September 2022, the bank agreed to pay a $6 million fine assessed by the OCC related to the alleged misconduct.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-05-24T17:39:00Z By Adrianne Appel
The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
2024-04-19T17:49:00Z By Aaron Nicodemus
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
2024-02-01T18:32:00Z By Jeff Dale
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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