OCC issued three civil money penalties, three prohibitions in July

A $150,000 civil money penalty assessment was imposed in a July consent order against a former vice president and home mortgage area manager at Citizens Bank, N.A., Providence, R.I., who allegedly sought and received kickbacks from a loan officer under his supervision.

The July consent order with the Office of the Comptroller of the Currency (OCC) is the culmination of a process begun in 2020. That year, the OCC issued a notice of its intent to take action against Biagio Maffettone. It said that Maffettone, while holding a supervisory role involving no loan origination or receipt of loan commissions, for about a year solicited and obtained a series of secret cash payments, or “kickbacks,” from his subordinate. The July order notes that a hearing was held last year and a final decision issued this January.

Besides having to pay the $150,000 penalty, Maffettone is permanently barred under the order from any future involvement in the affairs of any federally insured depository institution, the order shows.

The agency’s July enforcements also included two other civil money penalties ($20,000 and $5,000), two prohibitions, and a formal agreement with a bank.

OCC Enforcement Actions and Terminations