Daily Brief · July 2, 2026
Bank remediation, enforcement and stablecoin payments
Patriot exited an OCC agreement, EagleBank settled a DOJ matter, and major firms backed Open USD.
Bank remediation, legal risk and deposit growth
PNBK Patriot Bank exited its OCC formal agreement
The OCC termination was effective June 30, 2026, according to a Patriot National Bancorp 8-K. American Banker reported that CEO Steven Sugarman said remediation cost more than $5 million and that compliance-related costs are expected to decline sharply.
PNBK Patriot opened a Beverly Hills private banking office
American Banker reported that Patriot National Bancorp plans to open a Palm Beach office by year-end and has already attracted more than $100 million of deposits from high-net-worth clients in Beverly Hills.
EGBN EagleBank entered a one-year DOJ non-prosecution agreement
The bank settled a U.S. Attorney’s Office investigation and paid about $9.8 million under the statement of facts, according to an Eagle Bancorp 8-K. Banking Dive reported that the lender admitted to knowingly letting customers engage in a check-fraud scheme and to having lax anti-money-laundering controls for more than a decade.
Open Standard draws bank and payments backing for Open USD
More than 140 firms backed Open Standard’s planned Open USD launch
American Banker reported that banks, fintechs, payments companies and crypto firms backed Open Standard, the venture that plans to issue the dollar-backed Open USD stablecoin later in 2026. BNY BNY, USB U.S. Bank and AXP American Express were among named participants.
ABA presses FCC on fraud-alert consent rules
ABA asked the FCC to narrow the TCPA revoke-all rule
The rule is set to take effect on January 31, 2027, while the FCC is reconsidering it. ABA, the National Consumer Law Center and ACA International proposed revisions because the current rule could require a bank to stop fraud-alert texts when a customer opts out of another message type.