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OCC releases latest enforcement actions

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OCC releases latest enforcement actions

The OCC on Jan. 19 disclosed a number of enforcement actions in the banking sector.

The following list excludes actions previously covered by S&P Global Market Intelligence and those that do not meet criteria for news coverage. Click here to view SNL's full database of enforcement actions against U.S. banks and thrifts.

Formal agreement

Karnes County National Bank of Karnes City on Dec. 14, 2016. The formal agreement was meted in response to findings of unsafe and unsound practices related to loan portfolio management, problem asset management, staffing, consumer compliance oversight, and audit, among others.

Notices filed

Richard Usher, former head of EMEA FX spot trading for JPMorgan Chase & Co.'s JPMorgan Chase Bank NA, on Jan. 9.

Rohan Ramchandani, former head of European FX spot trading for Citigroup Inc.'s Citibank NA, on Jan. 9.

Both Ramchandani and Usher are involved in a case of alleged currency rigging in the foreign-exchange market.

Removal/prohibition order

William McKinnon, former senior vice president and commercial real estate loan officer of Birmingham, Ala.-based Superior Bank, on Dec. 23, 2016. He is among 11 former executives and directors of the failed bank who were charged with fraud by the SEC. Regulators closed Superior Bank on April 15, 2011.

Terminations of existing enforcement actions

Cease and desist order against Leavenworth, Kan.-based Mutual Savings Association FSA, on Dec. 14, 2016.

Cease and desist order against Boutte, La.-based First National Bank USA, a unit of First St. Charles Bancshares Inc., on Dec. 20, 2016.

Formal agreement with First Federal of South Carolina FSB (MHC) on Nov. 28, 2016.

Cease and desist order against Baraboo National Bank, a unit of Baraboo Bancorp. Inc., on Nov. 30, 2016.