CAMDEN, N.J. – KeyBank National Association (“Key Bank), headquartered in Cleveland, Ohio, has entered into a settlement agreement with the United States resolving allegations that the bank violated the False Claims Act by submitting for forgiveness fraudulent loans from the Paycheck Protection Program (PPP), which one of its branch managers had fraudulently conspired to obtain, Senior Counsel Philip Lamparello announced today.

Beware of scams impersonating FDIC/OIG Personnel. Scammers might use the FDIC or FDIC OIG’s seal or logo to make their demand for funds appear to look legitimate. 

In January 2024, the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General (OIG) received a Congressional request to perform work related to the Student Residence Center (SRC). 

This memorandum presents the results of our audit of the Federal Deposit Insurance Corporation’s (FDIC) Significant Service Provider (SSP) Examination Program.Our objective was to determine the effectiveness of the SSP Examination Program in evaluating the risk exposure and risk management performance of SSPs and determining the degree of supervisory attention needed to ensure weaknesses are addressed and risks are properly managed.

The OIG has posted two alerts and a video highlighting the dangers of Pig Butchering Schemes—both to consumers and banks alike.