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Fed terminates HSBC North America enforcement action

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Fed terminates HSBC North America enforcement action

The Federal Reserve Board on Aug. 7 terminated the cease-and-desist order issued against HSBC North America Holdings Inc.

The October 2010 order had required HSBC North America to make improvements for an effective compliance risk management program across its U.S. business, including Bank Secrecy Act and anti-money laundering compliance.

The Fed on Aug. 8 also terminated the October 2011 cease-and-desist order issued against Capital Funding Bancorp Inc. and unit CFG Community Bank. The enforcement action, among other things, had barred both entities from declaring or paying dividends, and Capital Funding from taking any other form of payment representing a reduction in capital from CFG Community Bank, without prior regulatory approval.

In addition, the regulator on Aug. 8 terminated the April 2016 cease-and-desist order issued against CommerceWest Bank. The enforcement action had required the bank to strengthen board oversight of compliance with applicable rules and laws relating to BSA/AML.