Hollywood’s Bank to the Stars Fined $65 Million for Risk-Control Failures
- RBC’s City National says it will address the OCC’s concerns
- Banks say systems issues arose after ‘outsized volume growth’
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City National Bank, the Los Angeles-based lender owned by Canada’s largest financial institution, has been hit with a $65 million civil penalty for failing to keep proper risk controls.
The Office of the Comptroller of the Currency announced on Wednesday that the bank is required to take “broad and comprehensive corrective actions” to strengthen its internal practices.