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The Office of the Comptroller of the Currency has joined other regulators in seeking to simplify megabanks' myriad legal entities. But instead of being focused on helping a bank to unwind in a failure, the OCC argues simplification can greatly help operational efficiency.
March 10 -
Regulators are laser-focused on compliance, particularly when reviewing merger applications. Associated, recently freed from an enforcement action, could use its clean bill of health to woo sellers.
March 19 -
The Federal Reserve Board has lifted enforcement actions against four financial companies.
March 12
The Office of the Comptroller of the Currency recently freed 11 banks from regulatory orders.
North American Savings Bank in Grandview, Mo., was released from a May 2012 consent order, according to the OCC's Friday press release. The $1.2 billion-asset bank was required to maintain a minimum 10% Tier 1 leverage ratio and a minimum 13% total risk-based capital ratio. It was also required to reduce troubled assets, review all credit relationships over $1 million, address credit concentration risk, develop a strategic plan and establish a semi-annual independent loan review program.
North American had a 16.8% Tier 1 leverage ratio and a 24% total risk-based capital ratio as of Dec. 31, according to the Federal Deposit Insurance Corp.
The OCC also lifted a June 2010 consent order against the $122 million-asset Trans Pacific National Bank in San Francisco. The order set a minimum 9% Tier 1 capital ratio and minimum 12% total risk-based capital ratio. Trans Pacific was also required to develop a liquidity program, address deficiencies in loan management leadership and board oversight and reduce risk in its commercial real estate portfolio. Trans Pacific had a 10.6% Tier 1 leverage ratio and 17% total risk-based capital ratio as of Dec. 31.
First National Bank of Central Alabama in Aliceville, Ala., was freed from a written agreement, as were First National Bank of Southern California in Riverside; Putnam Bank in Putnam, Calif.; Urban Trust Bank in Lake Mary, Fla.; First National Bank of Pasco in Dade City, Fla.; Oculina Bank in Ft. Pierce, Fla.; First National Bank of Ottawa in Ottawa, Ill.; Home Federal Savings Bank in Rochester, Minn.; and Hudson Valley Bank in Yonkers, N.Y.
