Skip to Primary Navigation

RBC’s City National Bank fined $65m for gaps in risk management and internal controls

General view of the City National Bank company offices in Century City in Century City, California.
Photo: AaronP/Bauer-Griffin/GC Images

The OCC charged the California-based bank with systemic deficiencies in its risk management and internal controls.

The US Office of the Comptroller of the Currency (OCC) has imposed a $65m fine on the Royal Bank of Canada’s American unit, City National Bank, over gaps in the lender’s risk management and internal controls.

The OCC’s cease-and-desist order requires the bank to take broad and comprehensive corrective actions

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience