Quontic Bank Clears Regulatory Hurdle as OCC Ends 2022 Consent Order

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.

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.