Sterling Bank fined $6M by OCC over loan program lapses
Michigan-based Sterling Bank and Trust agreed to pay a fine of $6 million assessed by the Office of the Comptroller of the Currency (OCC) for deficiencies in its former residential loan product.
The OCC’s penalty, announced Tuesday, coincided with the termination of a June 2019 agreement between the regulator and Sterling Bank requiring the latter to remediate its unsafe and unsound practices, including deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) internal controls. The OCC determined the bank implemented all corrective actions required by the agreement.
Sterling Bank will pay its penalty to the U.S. Treasury Department.