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NEWS: OCC hits Michigan bank with a $6M (€6.2M) fine for unsafe practices

By Alisha Houlihan for AMLi

The United States Office of the Comptroller of the Currency (OCC) has slapped Sterling Bank and Trust FSB with a $6M (€6.2M) fine for “unsafe or unsound” practices relating to the bank’s “Advantage Loan Programme”.

The low-document mortgage loan programme was offered by the bank between 2011 and 2019, while the OCC determined that the bank had originated numerous loans based on “false or fraudulent loan information.”

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