Strengthening Compliance: Lessons From the OCC's Consent Order With Patriot Bank

Episode notes

In this episode of Payments Pros , host Carlin McCrory discusses a recent consent order between Patriot Bank and the Office of the Comptroller of the Currency (OCC) following a $27 million loss. The order addresses unsafe practices and legal violations, focusing on prepaid card program oversight. Key areas of concern include the need for a strategic plan, evaluation of internal operations, and staffing requirements. The bank must also enhance its Customer Identification Program (CIP) and ensure adequate monitoring of third-party program managers. Carlin discusses key takeaways from the OCC's consent order with Patriot Bank, emphasizing that other banks should maintain high compliance standards, particularly in BSA/AML programs, and tailor policies and procedures to specific business lines. She underscores the importance of thorough monitoring of fintech partners. Additionally, banks should implement robust suspicious activity reporting, conduct detailed BSA/AML risk assessments, and ensure effective internal audit coverage. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Related episodes across the Index

Other episodes covering the same guests and topics, from across The B2B Podcast Index.

• Trust, stablecoins, and the AI margin squeeze:What McKinsey and QED's fintech report means for banksTearsheet Podcast: Exploring Financial Services Together · on fintech89 / 100
• Why Vienna Could Become Europe’s Next Startup Hub. Markus Raunig | Ep. 005Hospitality x Disruption: HXD212 · on fintech81 / 100
• Jamie Funfinergi, Co-founder & GP of Nazca VCVenture Passport · on fintech81 / 100
• The Future of Data Teams in the AI Era: Insights from Alex Welch, dbt Labs' Head of Data and AnalyticsData Hurdles · on fintech80 / 100
• Episode 46 - from Tashkent to Termsheet with Victor OrlovskyThe GoingVC Podcast · on fintech77 / 100
• Crypto-Powered Commerce Across Africa | A Conversation with Chris MauriceThe Money Movement with Jeremy Allaire · on fintech76 / 100

• Payments Compliance and the FTC's Focus on Subscription Practices69 / 100
• Regulating Prediction Markets: Federal Oversight, State Authority, and the Road Ahead66 / 100
• The Debanking Debate: Regulators, Risk, and Reality for Payments72 / 100
• Point-of-Sale Finance Series: Evolving Collection Rules Impacting Creditors65 / 100
• Point-of-Sale Finance Series: Fair Lending Risks at the Checkout Counter