Interagency Notification of Formal Enforcement Actions: Interagency Policy Statement
June 13, 2018 / Source: OCC
OCC BULLETIN 2018-16
Subject: Interagency Notification of Formal Enforcement Actions
Date: June 12, 2018
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Interagency Policy Statement
The Federal Financial Institutions Examination Council today rescinded its revised policy statement on “Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies,” dated February 20, 1997.1 To ensure ongoing coordination, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the federal banking agencies) are issuing this policy statement concerning their coordination of formal corrective action.
Note for Community Banks
This guidance applies to all OCC-supervised institutions.
The interagency policy statement states that
- when one of the federal banking agencies determines that it expects to take a formal enforcement action against any federally insured depository institution, depository institution holding company, nonbank affiliate, or institution-affiliated party, it will notify the other federal banking agencies that have an interest in the enforcement action.
- notification should be provided at the earlier of the federal banking agency’s written notification to the federally insured depository institution, depository institution holding company, nonbank affiliate, or institution-affiliated party that it is considering an enforcement action against it or when the appropriate responsible federal banking agency official or group of officials determines that formal enforcement action is expected to be taken.
- if two or more federal banking agencies consider bringing complementary actions, those federal banking agencies should coordinate the preparation, processing, presentation, potential penalties, service, and follow-up of the enforcement actions.
Please contact William Jauquet, Assistant Director, or Jessica Burrell, Counsel, Enforcement and Compliance Division, at (202) 649-6200.
Acting Senior Deputy Comptroller and Chief Counsel
1 62 Fed. Reg. 7782 (February 20, 1997).