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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

24 Federal Orders Issued

Recent actions by federal financial regulators

June 23, 2009

By staff

The latest round of federal regulatory actions included formal agreements with a dozen institutions, four cease-and-desist orders and four civil money penalties. Another three firms faced federal directives, and a bank employee was hit with a removal-prohibition order. Still, four cease-and-desist orders were terminated.

The Federal Reserve Board reported that it entered formal agreements with several financial institutions. The agreements generally require the preservation of capital, improvements in underwriting and compliance, and progress reports. Some agreements require the replacement of management.

Written agreements were made by the fed with the following institutions.

Institution Location Regulator Date Docket No.
1st Financial Bank Overland Park, Kan. Federal Reserve Bank of Kansas City, State of Kansas Office of the State Bank Commissioner June 16 09-063-WA/RB-SM
First National Bancshares Inc. Spartanburg, S.C. Federal Reserve Bank of Richmond June 15 09-071-WA/RB-HC
Mirae Bancorp Los Angeles Federal Reserve Bank of San Francisco, State of California Department of Financial Institutions June 16 09-074-WA/RB-HC

A capital directive was issued on June 3 against Community National Bank of Sarasota County in Venice, Fla., by the Office of the Comptroller of the Currency, according to a report Friday.

The OCC said it recently issued cease-and-desist orders against four institutions. Banks that are seized by federal regulators often face these type of orders prior to their failure. Cease-and-desist orders were issued against the following institutions.

Institution Location Date Docket No.
Baytree National Bank & Trust Co. Lake Forest, Ill. April 17 2009-060
California National Bank Los Angeles May 28 2009-058
Cherokee Bank, National Association Canton, Ga. April 29 2009-059
First National Bank of The South Spartanburg, S.C. April 27 2009-061

Civil money penalty orders were issued by the OCC against the following banks.

Institution Location Date Docket No.
First National Bank (Lindy Jordan) Paducah, Texas May 15 2009-064
First National Bank of Platteville Platteville, Wis. May 7 2009-065
Integra Bank National Association Evansville, Ind. May 26 2009-062
Wells Fargo Bank, National Association Sioux Falls, S.D. May 8 2009-063

The OCC reached formal agreements with banks listed in the following table.

Institution Location Date Docket No.
Bank of The Rockies , National Association White Sulphur Springs, Mont. May 21 2009-070
Cadence Bank, National Association Starkville, Miss. April 17 2009-069
Community State Bank, National Association Ankeny , Iowa May 19 2009-067
Dupage National Bank West Chicago, Ill. May 7 2009-079
Eastside Commercial Bank, National Association Bellevue, Wash. April 21 2009-073
The Farmers and Merchants National Bank of Hatton Hatton, N.D. May 11 2009-071
Integra Bank National Association Evansville, Ind. May 20 2009-066
Texas Community Bank, National Association The Woodlands, Texas May 7 2009-072
The University National Bank of Lawrence Lawrence, Kan. May 27 2009-068

A prompt corrective action directive was issued against Community National Bank of Sarasota County in Venice, Fla., on June 3 (order No. 2009-074) and Citizens National Bank in Macomb, Ill., on April 22 (order No. 2009-075) by the OCC. In addition, a removal-prohibition order was issued against Maya L. Brown of JPMorgan Chase Bank, N.A., in Columbus, Ohio, on May 11 (order No. 2009-076).

The OCC said it terminated cease-and-desist orders against Bank of China's branches in Los Angeles, New York and Chinatown, N.Y., on May 6. A formal agreement with The First National Bank of Manchester in Manchester, Ky., was terminated on March 18.

A final consent order was approved by the Federal Trade Commission for James B. Nutter & Co., a June 16 news release said. Nutter allegedly "failed to provide reasonable and appropriate security for sensitive information from consumers and employees, in violation of the Gramm-Leach-Bliley Act Safeguards Rule," according to an earlier announcement.

In the Matter of James B. Nutter & Company, a corporation.
FTC File No. 072 3108

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