The former chairman of the Co-op bank, Paul Flowers, has been charged with offences over class A and class C drugs.
Flowers held the role until last summer, when it was alleged by the Mail on Sunday that he had been using illegal narcotics, including crystal meth.
It was revealed in January that Flowers had been chosen for the job because he did so well in psychometric tests, despite a lack of financial experience.
West Yorkshire Police said in a statement that "Paul Flowers, 63, of Hollingwood Drive, Bradford, has been charged with two offences of possession of a Class A drug and one offence of possession of a Class C drug."
A statement from the Crown Prosuection Service's Clare Stevens said that "following a review of the evidence, I have concluded that there is sufficient evidence and it is in the public interest to charge Paul Flowers ... relating to an incident on 9 November 2013."
Flowers has been specifically charged for the possession of cocaine, methamphetamine and ketamine. He has been bailed, and will appear before Leeds Magistrates' Court on 7 May.