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Fed issues enforcement action against First State Bank Nebraska

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Fed issues enforcement action against First State Bank Nebraska

The Federal Reserve Board issued an enforcement action against First State Bank Nebraska over alleged violations of the National Flood Insurance Act.

Without admitting or denying the Fed board's findings, the Lincoln, Neb.-based agreed to pay $37,000 in civil money penalty, payable to the National Flood Insurance Program.

The agency also terminated the enforcement action against American Express Bank International, now known as Standard Chartered Bank International (Americas) Ltd.

In 2007, the Fed board had issued a cease and desist order against American Express Bank International for alleged weaknesses in its compliance program related to the Bank Secrecy Act and anti-money laundering. The bank previously agreed to pay $20 million in civil money penalty related to the regulator's findings.

Following Standard Chartered PLC's acquisition of American Express Bank International and the latter's name change, the acquired entity remained subject to the action.