trending Market Intelligence /marketintelligence/en/news-insights/trending/9cwqskq6h9ba6ptxp1__ga2 content esgSubNav
In This List

OCC hits Washington Federal with consent order over BSA/AML program deficiencies

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


OCC hits Washington Federal with consent order over BSA/AML program deficiencies

The Office of the Comptroller of the Currency on Feb. 28 issued a consent order against Seattle-based Washington Federal NA over deficiencies in its Bank Secrecy Act and anti-money laundering compliance program.

As previously reported, Washington Federal Inc. and Anchor Bancorp in September 2017 pushed back their merger's termination date from Dec. 31, 2017, to June 30, 2018 citing issues found with Washington Federal NA's BSA program.

Washington Federal NA expects to continue to incur "significant" expenses as it strengthens its BSA program and implements additional policies and procedures to comply with the OCC's consent order. The bank added that it does not expect to pursue acquisitions or branch expansion until its BSA program has improved.