US Banking Regulator Imposes $65 mln Fine on RBC Unit City National Bank

A top U.S. bank controller on Wednesday forced a $65 million fine on the Illustrious Bank of Canada’s American unit, City Public Bank, over holes in the moneylender’s gamble the board and inside controls.

The OCC said that the bank participated in perilous or shaky works on, including inability to lay out powerful gambles with the executives and interior controls.

According to a statement, the OCC issued a cease-and-desist order requiring the bank to implement extensive corrective measures to enhance its strategic plan.

In a statement to Reuters early on Thursday, City National Bank stated that it is committed to resolving the issues outlined in the OCC’s order as soon as possible.

“Our spotlight will keep on being on both fortifying our framework and frameworks to mirror a bank of our size and plan of action,” it said.

In October, City Public uncovered that RBC has infused about $2.95 billion into its U.S. unit to support its capital. At City National, the capital injections were a part of management’s efforts to boost profitability.