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Theories abound. So do bankers' frustrations. And regulators like FinCEN Director Jennifer Shasky Calvery promise the toughened stance is here to stay.
July 28 -
The Federal Deposit Insurance Corp. is looking to ban a former Tennessee banker from the industry following his institution's 2012 failure.
May 30 -
Ocean Bank in Miami has been freed from an enforcement action by state and federal regulators.
May 2
The Federal Deposit Insurance Corp. in August issued
The FDIC directed the Espirito Santo Bank in Miami to adopt a plan to sell itself to another bank. The agency also placed limits on transactions with its former parent company, Banco Espirito Santo, which was
The $751 million-asset Espirito Santo, which is now independent from its Portuguese parent,
The FDIC directed the $2.6 billion-asset asset Burke & Herbert Bank & Trust in Alexandria, Va., to comply with several Bank Secrecy Act-related directives, including training staff and establishing an independent testing program. It also required the bank to increase its board supervision.
Charter Bank in Corpus Christi, Texas, was ordered to develop a compliance management system that includes a training program on applicable consumer laws for bank personnel. Charter has $248 million in assets.
The FDIC directed the $240 million-asset Devon Bank in Chicago to improve its internal controls, ensuring that reconciliations of monthly accounts are reviewed. Devon was also ordered to submit a report on the implementation of its whistle-blower and ethics policies.
The agency hit the $161 million-asset First Covenant Bank in Commerce, Ga., with a civil money penalty of $10,000, related to violations in advertising materials prepared by a third-party contractor.
First Cornerstone Bank in King of Prussia, Pa., was ordered to increase its Tier 1 capital to at least 8% of total assets. The $126 million-asset bank was also directed to hold a Tier 1 risk-based capital ratio of at least 10.5%, and to limit its asset growth to less than 10% per year.
The $61 million-asset Champion Bank in Parker, Colo., was ordered to maintain a Tier 1 capital ratio of 9.5% and a Tier 1 risk-based capital ratio of 12%. Additionally, the FDIC directed the bank to reduce its construction and development loan concentrations to not more than 100% of the bank's risk-based capital.
Independence Bank in East Greenwich, R.I., was directed to maintain a Tier 1 leverage capital ratio of at least 10%. The FDIC also ordered the $53 million-asset bank to submit a plan to exit its money services business. Additionally, the agency required Independence to develop a compliance program for BSA and Office of Foreign Assets Control regulations.
The FDIC required Alamerica Bank in Birmingham, Ala., to maintain a leverage ratio of at least 9% and a risk-based capital ratio of at least 12%. The FDIC also ordered the $39 million-asset bank to submit a plan to reduce substandard assets with a balance of at $350,000 or higher. Moreover, the agency ordered the bank to adopt a written plan to improve liquidity, and to take steps to ensure personnel are aware of BSA guidelines.
The agency also terminated enforcement actions for the following banks: Magnolia State Bank in Bay Springs, Miss.; Marshall County State Bank in Varna, Ill.; NorStates Bank in Waukegan, Ill.; AztecAmerica Bank in Berwyn, Ill.; Great Northern Bank in Saint Michael, Minn.; Champion Bank in Parker, Colo.; The Bank of Elk River in Elk River, Minn.; Bay Bank in Mobile, Ala.; First State Bank in Wrens, Ga.; United Bank of Michigan in Grand Rapids, Mich.; Waterman State Bank in Waterman, Ill.; Park Bank in Milwaukee, Wis.; Valley Bank in Fort Lauderdale, Fla.; Valley Bank in Moline, Ill.; and Flathead Bank of Bigfork, Mont.
