City National Bank Hit with $65 Million Fine for Risk Management Failures

The fine comes amid a series of challenges for the bank, including previous fines and leadership changes.

City National Bank fined $65 million by the OCC for risk management failures, including issues with third-party vendors and fraud risk management.
The bank, owned by Royal Bank of Canada, did not admit to or deny the findings but has committed to corrective actions.
This follows a challenging year for City National, including a $31 million fine for redlining and significant losses due to rising interest rates.
City National is known for its high-profile clientele in the entertainment industry and has undergone significant leadership changes.
The OCC's actions include requirements for broad corrective measures to improve risk management and internal controls.