---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-110104"
form_type: "8-K"
ticker: "MCB"
cik: "0001476034"
company_name: "Metropolitan Bank Holding Corp."
filed_at: "2023-10-19T23:59:59+00:00"
generated_at: "2026-06-09T20:26:29.039004+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# MCB settles with Fed and NYDFS over prepaid debit card; $29.5M penalties fully reserved

## Summary
- FRB consent order imposes $14.48M civil money penalty; requires board oversight, customer ID, due diligence, and third-party risk plans.
- NYSDFS consent order imposes $15M penalty; requires information and status reports on third-party program manager supervision.
- Investigations stem from unauthorized COVID benefits payments on prepaid card program; relationship ended August 2020.
- Company is fully reserved for penalties through regulatory settlement reserve disclosed in prior periods.
- Additional enforcement actions could have a materially adverse effect; Bank continues to enhance processes since 2020.

## SEC filing metadata
- accession: 0001104659-23-110104
- form_type: 8-K
- ticker: MCB
- cik: 0001476034
- company_name: Metropolitan Bank Holding Corp.
- filed_at: 2023-10-19T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1476034/000110465923110104/0001104659-23-110104-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1476034/000110465923110104/tm2328785d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-110104
- JSON: https://secwatch.observer/filing/0001104659-23-110104.json
- Plain text: https://secwatch.observer/filing/0001104659-23-110104.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.