Broadway Financial in Los Angeles has been released from an enforcement action administered by the Federal Reserve.
The $404 million-asset Broadway was placed under the cease-and-desist order in September 2010 by the Office of Thrift Supervision, requiring it to make changes to its management and directors, eliminate problem assets and take other steps. The Federal Reserve Bank of San Francisco assumed responsibility for the order in July 2011.
In November the Office of the Comptroller of the Currency released Broadway from an October 2013 consent order.
Broadway was hit with the enforcement actions after its book of church-related loans became troubled. It has since shifted to focus on multifamily lending in Los Angeles, with an emphasis on low- to moderate-income neighborhoods.
Broadway has not yet filed its fourth-quarter results. It reported third-quarter net income of $979,000.