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Financial Information: OCC Fines Former General Counsel $3.5 Million for Reckless Behavior |
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Jurisdiction(s): United States – Federal United States |
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The respondent failed to inform the bank’s board about the root cause of sales practice misconduct (employees of the bank opened approximately 3.5 million unauthorized accounts between 2009 and 2016), and take any reasonable steps to address sales practices’ deficient controls (the bank’s computer systems did not require evidence of customer consent). |
