The conclusion of this multi-year remediation effort marks the end of a process that began in October 2022. During this period, the bank’s leadership, including the Board of Directors and various executive departments, overhauled its risk management, audit, and operational infrastructure to meet stringent federal expectations. CEO George Lazaridis described the effort as a fundamental strengthening of the bank’s internal foundation rather than a simple regulatory checklist.
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Quontic Bank Clears Regulatory Hurdle as OCC Ends 2022 Consent Order
The Office of the Comptroller of the Currency has officially terminated its 2022 consent order against Quontic Bank, effective June 30, 2026. The regulator determined that the Astoria-based institution has successfully addressed previous concerns regarding its safety, soundness, and overall compliance with federal banking laws and internal governance standards.
Lead Independent Director Michael Wirth and QBAC Holding Company Chairwoman Sherri Schnall credited the bank’s workforce for the successful outcome, noting that the transition required deep engagement across every level of the organization. With the order now lifted, Quontic Bank plans to maintain the enhanced governance protocols implemented during the remediation while continuing to offer its suite of digital financial products to its core customer base.
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