WASHINGTON - The Federal Reserve Board on Wednesday announced enforcement actions against Valley Independent Bank in El Centro, Calif., and New Century Bank in Southfield, Mich.

Directors of $765 million-asset Valley Independent agreed to correct deficiencies cited by examiners in the bank's reporting of currency and foreign transactions, as well as suspect activities under the Bank Secrecy Act.

As part of a written pact with the Federal Reserve Bank of San Francisco, the directors agreed to submit to regulators a plan for improving and maintaining compliance in these areas. The plan is to include ways to track and report currency transactions exceeding $10,000, to determine the appropriate documentation for confirming the identity and business activities of customers, and to make numerous other corrections.

Separately, New Century directors agreed to reduce the institution's exposure to risk through its information technology systems. The agreement requires the $46 million-asset bank to review all of its systems and submit policies to regulators to step up computer security.

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