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WASHINGTON The Federal Deposit Insurance Corp. issued a $140 million enforcement action against Banamex USA, a Citigroup subsidiary, on Wednesday for having Bank Secrecy Act and anti-money laundering deficiencies.
July 22 -
TrustCo Bank in Glenville, N.Y., reported higher quarterly earnings driven by increased lending. The $4.6 billion-asset company's third-quarter earnings rose 5% from a year earlier, to $10.7 million.
October 21 -
Naugatuck Valley Financial in Naugatuck, Conn., has been freed from a regulatory order.
May 6
TrustCo Bank Corp NY in Glenville, N.Y., has agreed to improve corporate governance, capital planning, internal auditing and other areas after federal regulators found the issues during an examination.
The $4.7 billion-asset company said noninterest expense will rise between $2.5 million and $5 million because of the order. TrustCo entered into the
Among several requirements, TrustCo must establish a compliance subcommittee for its board of directors and adopt compliance plans with the help of an independent consultant. The consultant will also assist on implementing improvements to corporate governance and auditing. TrustCo must also develop a strategic plan, a revised capital plan and an improved loan review system.
The issues were raised after the OCC completed its regularly scheduled exam, TrustCo said in a news release.
Kevin Timmons, TrustCo's treasurer,
Separately on Tuesday, TrustCo reported that second-quarter net income fell 9.3% to $10.7 million, from a year earlier.