OCC terminates Bank of America July 2022 order
The U.S. Office of the Comptroller of the Currency terminated a July 2022 cease and desist order against Bank of America, concluding the enforcement action.
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The U.S. Office of the Comptroller of the Currency has terminated a cease and desist order issued against Bank of America in July 2022. The regulator announced the termination of the enforcement action, marking the conclusion of the compliance matter initiated in 2022.
Regulatory Action
The cease and desist order was originally issued by the U.S. Office of the Comptroller of the Currency. The termination signifies that the issues leading to the 2022 order have been resolved to the regulator's satisfaction.
| Entity | Action | Date |
|---|---|---|
| U.S. Office of the Comptroller of the Currency | Terminated Cease and Desist Order | July 2022 |
| Bank of America | Subject of Order | July 2022 |
How will the termination of this order impact Bank of America's operational flexibility and compliance costs moving forward?
Could this regulatory resolution signal a shift in the OCC's enforcement approach towards major banks?
What specific compliance improvements did Bank of America implement to satisfy the OCC's requirements?
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