The Office of the Comptroller of the Currency took regulatory action against 11 financial institutions and terminated orders against five others in April, the agency said Friday.
The OCCs two biggest targets during the month were U.S. subsidiaries of foreign companies: Royal Bank of Scotland and Bank of Montreal. RBS Citizens in Providence, R.I., entered into a
RBS agreed to appoint a compliance committee and form a plan to change the practices. The bank was also ordered to pay a $5 million civil money penalty and make $2.5 million restitution to the 265,000 customers affected.
BMO Harris Bank in Chicago entered a
Millennium Bank in Sterling, Va., entered into a
The OCC also entered into formal agreements with Mid-Southern Savings Bank in Salem, Ind.; Severn Savings Bank in Annapolis, Md.; First National Bank of Hartford in Hartford, Wis.; Ladysmith FS & LA in Ladysmith, Wis.; and Midwest FS & LA of Saint Joseph, Mo.
The OCC fined First Federal Bank of Midwest in Defiance, Ohio; Robert Lauer of First National Bank Northeast in Lyons, Neb.; and Robert Gunville of the First National Bank of Niagara in Niagara, Wis. Gunville, the chairman of the banks board, was fined $50,000 for enriching himself by arranging improperly documented loans from the bank; he was also hit with a
The OCC terminated enforcement actions against Aurora Bank in Littleton, Colo.; First National Bank in Tremont, Ill.; Michelle Gulli of Union Federal Bank of Indianapolis; Liberty Savings Bank in Wilmington, Ohio; and First Federal Community Bank in Paris, Texas.