OCC to Hold Hearing on Charges Against Biagio Maffettone; Agency Seeks Prohibition Order and Civil Money Penalty

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public hearing before an Administrative Law Judge beginning Tuesday, August 31, 2021, where the OCC will litigate enforcement actions against Biagio Maffettone, former Vice President and Home Mortgage Area Manager at Citizens Bank, N.A., Providence, R.I.

On May 7, 2020, the OCC charged Mr. Maffettone with engaging in violations of law, unsafe or unsound banking practices, and breaches of fiduciary duties in his role at the bank. The OCC alleged that between approximately September 2017 and October 2018, Mr. Maffettone solicited and received cash payments, not authorized by the bank, from a subordinate loan officer in exchange for access to certain mortgage referral sources. The OCC further alleged that Mr. Maffettone failed to disclose this arrangement to the bank and actively attempted to hide the arrangement from the bank. The OCC sought an order prohibiting Mr. Maffettone from further participation in the conduct of the affairs of any insured depository institution pursuant to 12 U.S.C. § 1818(e) and the assessment of a civil money penalty in the amount of $150,000 pursuant to 12 U.S.C. § 1818(i).

The hearing will commence at 8:30 a.m. on Tuesday, August 31, 2021, in the U.S. Bankruptcy Court for the District of Rhode Island, 380 Westminster St, Providence, RI 02903. OCC administrative hearings are open to the public as required by federal law.

Related Link

• Notice of Charges (PDF)