OCC issues June enforcement actions, ends Bank of America order

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OCC June enforcement actions

Highlights

OCC issued prohibition orders in June 2026 against ex-Quontic Bank VP Steven Ho and ex-First National Bank of Lindsay CEO Danny Seibel for misconduct.
Danny Seibel's actions led to The First National Bank of Lindsay's insolvency and receivership in October 2024, with Seibel pleading guilty to bank fraud.
OCC terminated its July 14, 2022 cease and desist order against Bank of America, along with formal agreements with two additional institutions.

June actions target banker misconduct

As reported by the Office of the Comptroller of the Currency, the June 2026 enforcement list includes prohibition orders against two former bank executives for conduct tied to lending, data handling and bank management failures.

The OCC says enforcement actions against institution-affiliated parties are used to deter violations, unsafe or unsound practices, and breaches of fiduciary duty, and to reinforce personal accountability in bank affairs. It defines institution-affiliated parties as bank directors, officers, employees and controlling shareholders under federal law.

One order bars Steven Ho, former vice president and senior mortgage lending officer at Quontic Bank in Astoria, New York, over allegations that he concealed work with unapproved third-party mortgage brokers, falsified material loan application information, and transferred confidential customer and business information to non-bank employees.

A second prohibition order targets Danny Seibel, former president, chief executive officer and director of The First National Bank of Lindsay in Oklahoma. The OCC says he extended loans without adequately considering borrowers' repayment ability, allowed major overdrafts without repayment, and concealed long-nonperforming loans by altering maturity dates, payment due dates and past-due statuses in the bank's core system.

The agency says this misconduct caused the bank's insolvency, and the bank entered receivership in October 2024. It also notes that Seibel pled guilty to one count of bank fraud under 18 U.S.C. §1344.

Terminations ease prior compliance measures

The June release also includes three termination orders, reflecting cases in which the OCC says a bank has demonstrated compliance, a provision has become outdated or irrelevant, or unresolved items have been incorporated into a new action.

The agency terminated a cease and desist order against Bank of America, N.A., Charlotte, North Carolina, originally dated July 14, 2022. It also ended formal agreements with Maple City Savings Bank, FSB, Hornell, New York, dated July 23, 2024, and The Federal Savings Bank, Chicago, Illinois, dated October 29, 2021.

The OCC says its public enforcement actions dating back to August 1989 remain available through its searchable database, and it continues to offer email alerts for new enforcement releases.

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