The Office of the Comptroller of the Currency (OCC) issued a formal Cease and Desist Order against 42 North Private Bank, a small private institution based in Canton, Massachusetts, finding that the bank had not fully complied with a 2017 consent order and that new unsafe or unsound practices existed, and requiring corrective action on strategic planning, capital, interest rate risk management and liquidity risk management. The action was announced on 20 March 2025 as part of the OCC's regular monthly enforcement release.
The new order replaced and superseded a prior Cease and Desist Order that the OCC had issued against the bank, then called Admirals Bank, in 2017.
REQUIREMENTS OF THE ORDER
The 2025 order requires the bank to adopt a written interest rate risk management programme.
The order also requires a written liquidity risk management programme and a tier 1 capital ratio of at least 9% and a total capital ratio of at least 13%.
MARCH 2025 ENFORCEMENT CONTEXT
The OCC's action against 42 North Private Bank was part of its March 2025 monthly enforcement release.
Under the new Cease and Desist Order, 42 North Private Bank will be required to address the identified deficiencies in a structured manner under OCC oversight, with the regulator monitoring progress against corrective milestones specified in the order. Enforcement actions of this nature are public documents published through the OCC's enforcement actions database and remain in force until the agency formally determines that the institution has achieved compliance to the required standard and issues a termination notice.