On February, 2022, the OCC issued a consent order against Craig Meader of the First National Bank of Kansas. This is one of the enforcement actions that OCC has taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. The OCC issued a civil money penalty proceeding against Meader on the basis of his activities while serving as the President and member of the Board of the bank.
Craig Meader, by signing the consent order, neither admitted nor denied the OCC’s finding. The finding states that during the period from August to September 2020, Meader directed employees to implement extended holds on automated clearing house deposits which violated the Expedited Funds Availability Act and Section 229.10(b)(1) of Regulation CC. Craig was aware that the extended holds would violate the said rules. Craig Meader’s actions resulted in nine instances of violations of Section 229.10(b)(1) of Regulation CC which requires banks to make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment. The OCC found, to which Meader neither admitted nor denied, that the bank officer violated laws, regulations, or orders.
Craig Meader agreed to pay a civil money penalty in the amount of three thousand dollars ($3,000), which must be paid in full upon the execution of the Consent Order.
The full Consent Order can be found here.