this post was submitted on 02 Feb 2024
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An example of the authority and power the OCC have is the recently fined City National Bank from Los Angeles, CA. They were fined $65 million dollars for continually violating various regulations (including AML) for period going back years after having previously being warned. City National Bank claims $93 Billion CAD ($69B USD) in assets and during the time period they egregiously violated our laws made hundreds of millions in profit, only slowing down in the last quarters due to interest rates hikes in the US. The interest rate hikes costed CNB $247 million USD between start of August through end of October for comparison.
PR of Enforcement action by OCC v CNB
$93 Billion Canadian in Assets
10 year historical financials on P235, note values are in millions of CAD
News Article covering CNB 2023 Fourth Quarter
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