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OCC Revises Civil Money Penalty Manual

OCC Revises Civil Money Penalty Manual

by Starling Insights

Starling Insights Editorial Board

Dec 19, 2022

Observations

US OCC USA Regulatory Trends Governance, Audit & Regulatory Failures Consumer Protection Regulatory Reporting

The US Office of the Comptroller of the Currency (OCC) recently announced revisions to its civil money penalty (CMP) manual, to come into effect at the start of 2023. Under the new policy, the OCC will credit firms for self-reporting misconduct, providing all relevant information, remediating issues, and compensating affected customers.

The revisions also greatly increase the suggested fines for serious infractions committed by large banks and allow the OCC to bring enforcement actions against bank service companies, third-party service providers, and independent contractors.

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