Fed Takes Enforcement Action Against Banks in Montana, Florida

WASHINGTON — The Federal Reserve on Monday announced it has taken enforcement action against two banks in Montana and Florida.

In the first action, the Fed ordered the Lake County Bank in Saint Ignatius, Mont., to devise a plan to strengthen the oversight of its board and its risk-management practices. It also must come up with a program to improve its internal review and grading of its loan portfolio and a plan to bolster its earnings.