S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.
MBT Financial, directors face merger-related lawsuit
Monroe, Mich.-based MBT Financial Corp. and its directors are facing a purported shareholder class-action lawsuit for allegedly breaching their fiduciary duties by omitting certain material information related to the company's proposed sale to Muncie, Ind.-based First Merchants Corp.
Fed orders Texas-based Commercial State Bank to strengthen BSA/AML program
The Federal Reserve Bank of Dallas and the Texas Department of Banking found Andrews, Texas-based Commercial State Bank to have significant deficiencies in its Bank Secrecy Act/Anti-Money Laundering program and ordered it to correct its deficiencies.
Commercial State Bank is a unit of Andrews Holding Co.
CFPB orders USAA FSB to pay $12M restitution, $3.5M civil money penalty
San Antonio-based USAA Federal Savings Bank settled charges of violation of the Electronic Fund Transfer Act and Regulation E with the Consumer Financial Protection Bureau.