WASHINGTON -- The Federal Reserve slapped a cease-and-desist order last week on California Center Bank, Los Angeles, ordering it to take more than 80 actions to boost capital and comply with money-laundering laws.

About a quarter of the items in the agreement dealt with the Bank Secrecy Act. California Center said it will increase training, review how the bank handles cash transactions, and ensure that the institution receives proper identification from all customers.

Nearly half the enforcement action involved capital questions. The institution also must submit within 60 days a written plan explaining how it will maintain its capital position. Plus, it must remove from its books within 10 days any loan that examiners classified as a loss.

Regulators also are requireing the bank to create a loanloss reserve and to submit within 60 days a plan on how to handle all loans of more than $100,000 that are 90 days past due.

Finally, the rest of the Oct. 17 order requires the institution to suspend or limit payment to bank officers and directors.

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