OCC Fines U.S. Bank National Association $15 Million for Bankruptcy Filing Violations

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations.

The OCC found that, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others that did not comply with bankruptcy rules and constituted unsafe or unsound banking practices. Such bankruptcy filing violations occurred during the period the bank was under an April 2011 mortgage servicing-related consent order, which was terminated in February 2016.

The bank will pay the assessed penalty to the U.S. Treasury.

Related Link

• Consent Order for the Assessment of a Civil Money Penalty (PDF)