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The Federal Reserve Board has hit three Southern banks Highlands Community Bank and New Peoples Bank in Virginia, and North Georgia Community Financial Partners with enforcement actions.
October 15 -
The Federal Reserve may be preparing to fine Community Trust Bancorp (CTBI) in Pikeville, Ky., for deceptive overdraft practices.
October 11
The Federal Reserve Board has taken action against the U.S. branch of Germany's Commerzbank for failing to comply with anti-money-laundering regulations.
The central bank also lifted orders against three other banks.
The New York branch of Commerzbank AG, in Frankfurt, Germany, was hit with a
The cease-and-desist order, issued after the New York branch failed to pass an examination of its risk-based compliance program, requires Commerzbank to hire an independent consultant to search for suspicious activity in clearing transactions between May 31, 2012, and Oct. 31, 2012. Commerzbank must revise its due diligence program that assigns risk rating to bank clients, including foreign correspondent accounts and submit a written plan to improve oversight of anti-laundering compliance.
The Fed also lifted an Aug. 2009
"We are pleased with the lifting of the order, which reflects the results of our hard work and determination in improving credit quality and reducing nonperforming assets," Brad Weaver, the chairman and chief executive officer of First Bancshares, said in the release. "We are well positioned for the future and will continue ... to strengthen our franchise and return the company to profitability."
The Fed also lifted orders against two other banks. Premier Bank in Denver was released from a
Union Bancshares, a $219 million-asset company based in Marksville, La., was released from an August 2010
