The Federal Deposit Insurance Corp. has terminated a consent order with Northwest Savings Bank that had required the Warren, Pa., bank to strengthen various parts of its consumer compliance management system.
The August consent order required Northwest Savings to submit a plan that included policies, controls and procedures to ensure compliance with all consumer laws and regulations. The bank also had to retain a compliance officer to establish and administer an effective compliance management system while also maintaining a compliance audit function, among other requirements.
Northwest Bancshares (NWBI), the $8.1 billion-asset bank's parent company, said Friday that Northwest Savings may enter into an informal regulatory agreement for continued consumer compliance.
The terminated consent order "reflects the diligence of Northwest Savings Bank's board of directors and staff in addressing the terms of the consent order as well as its continued focus on service to its customers," the bank said in a press release.
