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Sterling Bank assessed $6 million penalty by US OCC for fraudulent loan program, financial misconduct

( September 28, 2022, 16:28 GMT | Official Statement) -- MLex Summary: The US Office of the Comptroller of the Currency today assessed a $6 million civil penalty against Sterling Bank and Trust and terminated a formal 2019 agreement following charges of fraudulent behavior. The OCC said it found that between 2011 and 2019, the bank's mortgage loan program contained false applications, third party brokers were undisclosed, and no anti-money laundering system was put in place, among other charges.See full statement below....

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