Lake Shore's breach-related supervisory directive has been concluded by the OCC.
Lake Shore Savings Bank, a financial institution operating in western New York, has recently seen a significant milestone. The Office of the Comptroller of the Currency (OCC) has terminated its consent order against the bank, marking the end of a three-year regulatory journey that began due to a data security incident in November 2021.
The OCC initially ordered the bank to create a compliance committee to monitor progress and report back regularly. However, a search of recent news and filings reveals no publicly available information about a data breach timeline or an OCC consent order related to Lake Shore Savings Bank. The bank maintains strong capital positions and has disclosures about uninsured deposits and asset quality as of mid-2025.
The data security incident, which occurred in March 2022, possibly involved customers' personal information being accessed without authorization. The OCC found "unsafe or unsound" practices at the bank, including weakness in information technology security and risk governance, in a written agreement four months after the breach disclosure.
Despite the OCC's findings, Lake Shore Savings Bank is no longer designated as a lender in "troubled condition." The bank's CEO, Kim Liddell, stated that the primary goal has been remediation of operational issues identified by the OCC. Liddell attributed the early lifting of the consent order to the significant and speedy progress the team made.
It's important to note that the absence of a breach and OCC consent order from recent filings and news does not necessarily mean that no such event has occurred or it has not been publicly disclosed. If you seek information on a potential data breach or regulatory consent order involving Lake Shore Savings Bank, you may consider checking official OCC enforcement actions databases or the bank's regulatory filings for updates beyond these sources. Additionally, reviewing the bank’s official website or press releases specifically for statements on cybersecurity incidents or regulatory engagements could provide further insights.
Lake Shore Savings Bank, which manages approximately $700 million in assets, operates 10 branches in western New York. The bank's CEO, Daniel Reininga, resigned in March 2023, two months before he had planned to retire. Liddell, who was subsequently appointed as the new CEO, has been instrumental in steering the bank towards regulatory compliance and operational improvement.
In conclusion, while there are no reported details or timelines of a Lake Shore Savings Bank data breach nor any OCC consent order related to such incident up to August 2025, the bank has made significant strides in addressing the issues that led to the initial consent order. The lifting of the order is a testament to the bank's dedication to compliance and improvement.
- Despite the data security incident in March 2022, which potentially compromised customers' personal information, the bank has demonstrated strong commitment to rectifying operational issues identified by the OCC, as evidenced by the early lifting of the consent order.
- The financial technology (fintech) sector will closely monitor the progress of Lake Shore Savings Bank, as the bank navigates its business operations in the competitive industry while ensuring secure financial transactions and maintaining regulatory compliance.
