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Tuesday, March 1, 2016

OCC Releases New Policy on Civil Money Penalties

The OCC released new guidance on how the agency will assess civil money penalties against national banks, thrifts, service providers and institution-affiliated parties.

The guidance includes a CMP matrix for financial institutions describing 14 factors that weigh into CMPs, such as intent, concealment, risk of loss and harm to consumers – with increasing gradations of severity for each factor. Each matrix score corresponds to suggested actions, ranging from supervisory letters to reprimands to CMPs. The document also includes guidance on using the matrix for CMPs against institution-affiliated parties.

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