OCC Announces Enforcement Actions for September 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.

The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified. Actions taken against banks are:

• Formal Agreement with First Federal Savings Bank of Kentucky, Frankfort, Kentucky, for unsafe or unsound practices, including those related to strategic planning and budgeting, succession planning, liquidity risk management, and interest rate risk management. (Docket No. AA-CE-2024-62)
• Formal Agreement with Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for deficiencies related to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas. Refer to OCC News Release 2024-99. (Docket No. AA-ENF-2024-72)

The OCC uses enforcement actions against an institution-affiliated party (IAP) to deter, encourage correction of, or prevent violations, unsafe or unsound practices, or breaches of fiduciary duty. Enforcement actions against IAPs reinforce the accountability of individuals for their conduct regarding the affairs of a bank. The term “institution-affiliated party,” or IAP, is defined in 12 USC 1813(u) and includes bank directors, officers, employees, and controlling shareholders. Orders of Prohibition prohibit an individual from any participation in the affairs of a bank or other institution as defined in 12 USC 1818(e)(7). Actions taken against IAPs are:

• Order of Prohibition against Natasha A. Aikens, former Lead Associate at a Brooklyn, New York, branch of JPMorgan Chase Bank, N.A., Columbus, Ohio, for engaging in a scheme to steal bank funds and falsely reporting the receipt of counterfeit bills in the bank’s general ledger. The bank suffered a loss of at least $201,000. (Docket No. AA-ENF-2024-66)

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All OCC public enforcement actions taken since August 1989 are available for download by viewing the searchable enforcement actions database at https://apps.occ.gov/EASearch.

Related Link

• Enforcement Action Types