Enforcement actions

In a break from a 20-year history marked by losses and scandal, California International Bank in Westminster is on pace for its biggest-ever profit, its CEO says.

The Federal Reserve and Office of the Comptroller of the Currency terminated enforcement orders against Industry Bancshares and its subsidiaries. The banks were considered prime examples of interest rate risk management gone awry.

The Federal Reserve Board terminated a written agreement with Du Quoin State Bank from 2023. The order had stemmed from the bank's deficient interest rate risk management.

The Federal Reserve Board terminated a 22-year-old cease-and-desist order against a one-time vice president of The Marathon Bank in Winchester, Virginia.

Hackers breached the New York community bank's cybersecurity walls in 2022, drawing regulatory scrutiny and causing its CEO to resign.

The Federal Reserve issued an enforcement action against Lineage Bank's holding company, following a similar move by the Federal Deposit Insurance Corp. earlier this year.

The Federal Reserve issued an enforcement action against the former head of Heartland Tri-State Bank, who embezzled millions of dollars after falling victim to a crypto scam.

The Federal Reserve said it identified consumer compliance deficiencies in a recent examination of Washington State-based UniBank.

The regulator cited Axiom Bank for unsafe and unsound practices as well as violating the Bank Secrecy Act and anti-money laundering requirements.

The Federal Reserve issued two enforcement actions, one against a bank in Montana, the other against a former information technology employee in Wyoming.

Fieldpoint Private Bank & Trust and its parent company entered a written agreement with state and federal supervisors pledging to address several compliance issues.

The New York State Department of Financial Services issued a consent order against Finland-based Nordea Bank, citing deficiencies related to the Bank Secrecy Act and anti-money-laundering requirements.

Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."

Heritage Bancshares Group entered into a written agreement with the Federal Reserve, promising to address issues with cash flow and capital management.

The Federal Reserve Board issued an enforcement action against Customers Bank, citing compliance deficiencies related to its digital asset strategy and instant payments network.

The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.

Digit engaged in deceptive acts or practices by routinely causing checking accounts to overdraft, the Consumer Financial Protection Bureau said.

The Consumer Financial Protection Bureau claimed that Hyundai Capital America hurt borrowers by incorrectly reporting they were late on payments.

The state Department of Financial Protection and Innovation issued a cease-and-desist order against Nano Banc, saying the troubled bank violated an earlier consent agreement when it replaced five board members and appointed a new CEO without the regulator’s permission.

Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.”