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Yesterday, The Office of the Comptroller of the Currency (OCC) issued a cease and desist order against TD Bank, N.A. and TD Bank USA, N.A., and imposed a substantial $450 million civil money penalty due to significant deficiencies in the bank’s compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. In addition to the monetary penalty, the OCC has restricted the bank’s growth and mandated that it allocate resources to rectify its […]

Last Friday, the FDIC released its list of administrative enforcement actions against bankers and individuals in May of this year. The release outlined four enforcement actions consisting of two orders of prohibition, one consent and personal consent order, and one order to pay a civil money penalty. Interestingly, the civil money penalty was ordered against an individual officer of the bank. The enforcement action orders Brenda Faye Barnes, of FNB Bank, now known as Cadence […]

On August 27, 2019 the Consumer Financial Protection Bureau (CFPB) announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas. This is the CFPB’s first enforcement action based on violations of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA). Maxi provides remittance transfer services from more than 1,600 third-party locations in the U.S., such as grocery stores and pharmacies, to over 19,500 payment locations […]

On January 15, 2018 the National Credit Union Administration (NCUA) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to Credit Unions within the NCUA’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The NCUA Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/ncua-civil-penalty-inflation-adjustments/ A […]

On January 10, 2018 the Board of Governors of the Federal Reserve System (Board) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to financial institutions within the Board’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The Board’s Civil Monetary Penalty Amount Table is […]