Metropolitan Commercial Bank
A New York bank fined in 2023 over a prepaid card program run by a third-party program manager.
Metropolitan Commercial Bank is a New York state-chartered bank and Federal Reserve member. In October 2023 the Federal Reserve took enforcement action with a cease-and-desist order (docket 23-018-B-SM) with a $14,478,676 civil money penalty, and the New York State Department of Financial Services issued a consent order with a $15,000,000 penalty.
Both concerned customer identification failures and weak oversight in a prepaid card program run with former program manager MovoCash, whose accounts were used in 2020 to collect fraudulent unemployment benefits. The Federal Reserve terminated its order on December 4, 2025.
- Country
- United States
- Primary federal regulator
- Federal Reserve
- State regulator
- New York State Department of Financial Services
- Charter type
- State-chartered commercial bank, Federal Reserve member
- FDIC certificate number
- 34699
- Publicly announced fintech partners
- MovoCash (former prepaid program manager named in the 2023 orders; relationship ended in 2020)
- Enforcement actions (regulator records)
Document Regulator Issued Status 23-018-B-SM cease-and-desist order and $14,478,676 civil money penalty Federal Reserve Oct 16, 2023 Terminated Dec 4, 2025 Consent order with $15,000,000 penalty (same matter) NYDFS Oct 18, 2023 Penalty and reporting order - Date checked
Questions
Why was Metropolitan Commercial Bank fined?
Is the Federal Reserve order against Metropolitan Commercial Bank still in force?
What did the order require?
See also
- Sponsor-bank enforcement tracker
- Sutton Bank, another bank ordered to fix prepaid program-manager oversight
- All sponsor banks
Sources
Source: FDIC BankFind, the FDIC, OCC and Federal Reserve enforcement records and state regulators’ orders, plus partner announcements by the banks or fintechs, as linked in each profile. How we build and refresh profiles: methodology.