News

A U.S. Treasury Department probe of 120 financial institutions has unearthed 39 potential regulatory or criminal violations, a department official said Thursday. The inquiry by the department's Office of the Comptroller of the Currency (OCC) focuses on commercial lending and risky mortgage issues but involves evaluations of anti-money laundering (AML) programs under the OCC's standard practices, said agency spokesman Kevin Mukri. The probe was first reported by Bloomberg, which cited OCC deputy chief counsel Daniel Stipano. The number of investigations is not unusual for the OCC and represents "more of a snapshot than an upward trend in enforcement," said Mukri....