trending Market Intelligence /marketintelligence/en/news-insights/trending/ina-q90wzd0o2fe2pka9mw2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Fed terminates HSBC North America enforcement action

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2

Blog

The Evolution of Cloud Banking: Successful Implementation & Frameworks


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.