Independent Verification of a U.S. Bank's Remediation Efforts for a Systemic Problem in Brokerage Operations

A US bank uncovered a problem with excessive fees charged to brokerage account customers, leading to a regulatory review by FINRA. FTI Consulting served as the independent Third-Party Examiner to oversee the bank's remediation efforts. The team designed and executed a comprehensive review of the bank's NAV Transfer Programs, assessing remedial processes and supporting database infrastructure. FINRA adopted FTI Consulting's independent conclusions, determining no additional corrective measures were necessary. All affected customers were accurately notified and remediated, contributing to the bank's credibility restoration.