WASHINGTON The Federal Reserve Board on Wednesday announced an enforcement action taken against San Mateo, Calif., bank holding company Bay View Capital Corp.
The written agreement commits $6.3 billion-asset Bay View to develop plans to maintain adequate capital, pay down existing debt, and eliminate practices that violate federal statutes governing lending to affiliates.
Bay View is barred from paying dividends or assuming additional debts without express permission from the Fed, and is required to produce plans of action for improving its financial condition.
