Comerica in Dallas has agreed to beef up its compliance practices under an enforcement action with the Office of the Comptroller of the Currency.
The agreement came after the OCC found unsafe and unsound practices at the $79.4 billion-asset company, with a focus on its risk governance and internal controls. There was no financial penalty associated with the agreement.
Comerica agreed to form a compliance committee and will show the regulator that it has improved board oversight and its corporate governance program. The company will also implement a comprehensive data management plan and enhance financial data collection and regulatory reporting.
The company also agreed to craft an effective program to manage third-party risks, strengthen internal controls and revise its internal audit program. The OCC also required Comerica to create a program to mitigate risks tied to end-of-life IT assets, including risk assessments for upgrading or replacing outdated systems.
Comerica reportedly overdrew its own accounts by millions of dollars last year because of an issue with a technological update.