FDIC May enforcement actions released

The FDIC has released a list of enforcement actions taken during May 2016. The list comprises 15 orders, including one consent order, two removal and prohibition orders, three section 19 orders, two civil money penalties and seven terminations of earlier enforcement actions. Of the civil penalty orders, one for $100,000 was issued, together with a removal and prohibition order, to a former institution-affiliated party of a Utah bank for engaging or participating in "violations of law, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party" of the bank. The other civil penalty order, for $40,000, was issued to TSB Bank, Lomira, Wisconsin, for alleged violations of 31 C.F.R. § 1010.306(a)(1) -- the requirement to file CTRs within 15 days of the reportable transactions. An institution-affiliated party of another Utah bank received an order of prohibition from further participation in the affairs of any financial institution upon the FDIC's determination that he violated the Real Estate Settlement Procedures Act and Regulation X by agreeing to pay fees for the referral of mortgage loan business.