#United States #Astoria #Quontic Bank #OCC Consent Order #George Lazaridis

Quontic Bank Marks a Milestone with OCC Consent Order Termination

Astoria, N.Y., July 16, 2026 - Quontic Bank has officially announced the termination of its Consent Order with the Office of the Comptroller of the Currency (OCC), effective June 30, 2026. This pivotal development signifies the culmination of extensive remediation efforts undertaken by the bank aimed at enhancing its operational integrity and compliance.

The OCC's decision to terminate the order reflects its assessment that Quontic's operational practices, as well as its adherence to applicable laws and regulations, have sufficiently improved to no longer warrant the oversight prescribed in the Consent Order dated October 5, 2022 (Docket No. AA-ENF-2022-25). In his remarks regarding this achievement, Quontic's Chief Executive Officer, George Lazaridis, conveyed his pride in the bank’s journey. He articulated, "This milestone is a testament to the extraordinary commitment of our entire organization. From day one, we viewed this process not simply as a regulatory obligation, but as an opportunity to strengthen the foundation of our bank. I am incredibly proud of what we have accomplished together."

This announcement follows years of diligent efforts spearheaded by Quontic's Board of Directors and executive leadership, focusing on the areas identified by the OCC for improvement. Quontic has implemented substantial enhancements across its governance, risk management, compliance, and operational functions. Throughout this journey, the organization remained steadfast in its resolve to embed meaningful and sustainable improvements that will position the bank favorably for the future.

The Board of Directors played a critical role in guiding the remediation process, ensuring that the bank remained accountable and transparent. Lead Independent Director Michael Wirth, along with Chairwoman Sherri Schnall, expressed their gratitude towards their fellow directors for their involvement. They emphasized that while the board’s guidance was significant, the real credit belongs to the employees of Quontic Bank, whose dedication and professionalism were instrumental in achieving this outcome.

Quontic’s leadership has shown a strong commitment to fostering a culture of compliance and excellence across every department. President Robert Russell noted, “Our leadership team worked alongside every department to ensure this was done thoughtfully and thoroughly.” He added, “The successful termination of the Consent Order reinforces our commitment to operating with integrity and maintaining the highest standards for our customers, regulators, and the communities we serve.”

Moreover, the contributions of employees at all organizational levels were crucial in this process. Their relentless pursuit of improvement and unwavering commitment to ethical practices made this milestone achievable. Russell acknowledged, “None of this would have been possible without our people. Every employee who helped strengthen our processes, embraced higher standards, and remained committed to serving our customers played a role in this achievement.” This outcome stands as a testament to the collective effort invested by every individual within the organization.

As Quontic Bank moves forward with the termination of the Consent Order, it remains dedicated to building upon the robust governance, risk management, and compliance frameworks established during this extensive remediation period. The bank continues its commitment to operate soundly and provide innovative financial solutions coupled with exceptional customer service, reinforcing its reputation in the financial industry.

About Quontic Bank

Quontic is characterized as an adaptive digital bank that empowers customers financially, recognizing their diverse circumstances. It continually seeks to reimagine traditional banking by offering adaptive lending and innovative deposit products that challenge conventional inequities present within financial systems. Quontic’s mission is to empower individuals against the backdrop of traditional banking practices, evidencing that a more equitable customer-first approach is achievable. It primarily serves underserved demographics including entrepreneurs, gig economy workers, and immigrants, presenting a tailored banking experience that stands in contrast to the often rigid one-size-fits-all approach of larger banks.
Quontic Bank operates as a privately held entity based in New York City.