Sterling Bank and Trust FSB pays $6 million for failings
Souhtfield, MI
Fine Amount:
$6,000,000
Penalty Type:
Issued by:
The OCC issued a consent order for payment of a $6,000,000 civil money penalty to Sterling Bank and Trust, FSB, for violations of 18 U.S.C. § 1001 (false statements); 12 C.F.R §§ 21.21(d)(1) (internal controls to assure ongoing compliance with BSA/AML requirements), 163.180(d)(3) (SAR filing), and Part 1026 (Truth-in-Lending); California Penal Code § 532f (Mortgage Fraud), and New York Penal Law Article 187.00 (Residential Mortgage Fraud), and (2) the Bank’s engaging in unsafe or unsound practices, including those related to real-estate lending and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) internal controls.
Details of the Comptroller's finding can be found in ARTICLE II on pages 2 and 3 of the Consent Order linked above.
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