By Aaron Nicodemus2022-11-30T20:55:00
The Office of the Comptroller of the Currency’s (OCC) new policies and procedures for assessing civil money penalties (CMP) establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and the degree of severity of the violations.
The OCC’s new CMP guidance, released Tuesday, provides agency supervisors with an updated matrix that significantly increases potential fines for offending institutions. In the 2018 CMP guidance, penalties were largely capped at $150 million for any institution with assets over $100 billion.
The new CMP guidance sets significantly higher penalties for large banks by creating two new categories: institutions with assets from $500 billion to $1 trillion and those with $1 trillion or more in assets.
2023-06-15T18:55:00Z By Jeff Dale
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
2023-05-26T14:42:00Z By Aaron Nicodemus
The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
2023-02-10T18:16:00Z By Aaron Nicodemus
Banking regulators unveiled new stress test requirements for the largest financial institutions, including a series of hypothetical global market shocks six banks will be required to face.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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