The Federal Reserve Board on Tuesday ordered Charter State Bank, Beebe, Ark., to beef up its compliance efforts.

The Fed, in an enforcement action, required Charter State to hire a consumer compliance officer within 60 days to oversee Home Mortgage Disclosure Act reports.

It also ordered the bank to correct its 1994 HMDA logs, to regularly audit the reports, and to record all loans in its log within 30 days of the close of the quarter.

Finally, the central bank ordered Charter State to institute compliance training programs.

Charter State president Garland Patrick said data processing problems caused the bank and its mortgage company subsidiary to enter inaccurate information in the HMDA log.

"These problems have been addressed and we are taking corrective measures," Mr. Patrick said.

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