City National Bank pays $65M for systemic deficiencies

The OCC issued a Consent Order for assessment of a $65,000,000 civil money penalty against City National Bank, Los Angeles, California, for engaging in unsafe or unsound practices, including systemic deficiencies related to the Bank’s operational, compliance, investment management, and strategic risk
management and internal controls, as well as (1) noncompliance with 12 C.F.R. 30 – Appendix D, OCC Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches, and (2) violations of the Bank Secrecy Act (BSA) and 12 C.F.R. 9 – Fiduciary Activities of National Banks.

The OCC also issued a Consent Order directing the bank to take certain specific actions to correct the identified deficiencies.