OCC Assesses Penalty on Bankruptcy Filings

April 25, 2017

On Tuesday, April 25, 2017, the OCC entered into a consent order and assessed a $15 million civil money penalty against U.S. Bank National Association for alleged bankruptcy filing violations. The OCC claims, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others did not comply with bankruptcy rules and constituted unsafe or unsound banking practices.