Enforcement actions

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.