Four Oaks in N.C. freed from regulatory order

Four Oaks Fincorp in North Carolina has been freed from a written agreement.

The Federal Reserve disclosed that the $737 million-asset company’s bank had been released from an July 2015 agreement requiring improvements to corporate governance, among other things.

The agreement had replaced a May 2011 enforcement action.

The 2015 agreement covers three points; the preparation and implementation of programs tied to board oversight; a review of new products and services; and ongoing customer monitoring.

The terminated order did not specifically mention the January 2014 settlement Four Oaks reached with the Justice Department. Four Oaks agreed to pay $1.2 million to settle allegations, brought through Operation Choke Point, that it improperly gave a third-party payment processor direct access to the Federal Reserve Bank of Atlanta.