Press Release: FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled For February 2024
The Federal Deposit Insurance Corporation (FDIC) recently released a list of enforcement actions taken in December 2023 on banks and individuals. In addition, the FDIC announced that no administrative hearings are scheduled for February 2024.
During the month of December 2023, the FDIC issued a total of 12 orders and one Decision and Order. These administrative enforcement actions included four orders of termination of deposit insurance, three orders terminating consent orders, two consent orders, one order terminating supervisory prompt corrective action directive, one order of prohibition from further participation, one order to pay a civil money penalty (CMP), and one Decision and Order to Prohibit from Further Participation and Assessment of Civil Money Penalty.
Here is a breakdown of the enforcement actions:
– Four orders of termination of deposit insurance: These orders involved the termination of deposit insurance for specific banks. The FDIC may take such action if a bank fails to meet the necessary requirements for maintaining deposit insurance.
– Three orders terminating consent orders: Consent orders are agreements between the FDIC and a bank or an individual to address specific regulatory concerns. When the requirements outlined in the consent orders are successfully met, the orders are terminated.
– Two consent orders: Consent orders can also be initiated when the FDIC identifies issues that need to be addressed, but the parties involved voluntarily agree to take corrective action.
– One order terminating supervisory prompt corrective action directive: Prompt corrective action (PCA) is a regulatory framework that imposes certain actions on under-capitalized banks to ensure their financial stability. The termination of a PCA directive suggests that a bank has successfully resolved its capital deficiency issues.
– One order of prohibition from further participation: This order prohibits an individual or entity from engaging in certain banking activities due to violations or misconduct.
– One order to pay a civil money penalty (CMP): A CMP is a financial penalty imposed on banks or individuals for regulatory violations or breaches.
– One Decision and Order to Prohibit from Further Participation and Assessment of Civil Money Penalty: This decision and order not only prohibits an individual or entity from participating in banking activities but also imposes a civil money penalty.
To access the full details of these orders, adjudicated decisions, and notices, you can visit the FDIC’s website. The link is provided below:
December 2023 Enforcement Decisions & Orders
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Frequently Asked Questions:
1. What is the FDIC?
The FDIC, or Federal Deposit Insurance Corporation, is an independent agency of the U.S. government that provides deposit insurance to depositors in banks and savings associations. It also promotes the safety and stability of the banking system.
2. What are enforcement actions?
Enforcement actions are actions taken by regulatory agencies, such as the FDIC, to address violations or concerns related to banks and individuals in the banking industry. These actions can include termination of deposit insurance, consent orders, penalties, or prohibition from further participation.
3. What is a consent order?
A consent order is an agreement between the FDIC and a bank or an individual to address specific regulatory concerns. It outlines the actions that need to be taken to rectify the identified issues.
4. What is a supervisory prompt corrective action directive?
Supervisory prompt corrective action (PCA) is a regulatory framework that imposes certain actions on under-capitalized banks to ensure their financial stability. A PCA directive may require a bank to take specific measures to address its capital deficiencies.
As always, for more information about FDIC enforcement actions, banking regulations, and the latest news in the banking industry, visit VIS Banking at:
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