The Office of the Comptroller of the Currency ("OCC") released Policies and Procedures Manual 5310-13 ("PPM 5310-13"), which applies to enforcement actions against the institution-affiliated parties ("IAPs") of national banks, federal savings associations, and federal branches and the agencies of foreign banks. The OCC also updated PPMs on civil money penalties ("PPM 5000-7") and bank enforcement actions ("PPM 5310-3").
PPM 5310-13 outlines common enforcement actions taken by the OCC against current and former IAPs for, among other things, unsafe or unsound practices and breach of fiduciary duty. In addition, the OCC updated PPM 5000-7 and PPM 5310-3 to make sure that those policies and procedures are consistent with enforcement actions against IAPs.
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