Today, following an investigation by DFPI, U.S. Securities and Exchange Commission, and Federal Reserve Board, we're announcing a $63 million penalty against La Jolla-based Silvergate Bank. Read more: https://hubs.ly/Q02DYdxy0
California Department of Financial Protection and Innovation’s Post
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Senior Counsel and Enforcement Division BSA/AML Coordinator at California Department of Financial Protection and Innovation
How I spent my last summer vacation. And the one before that. And every other holiday, for that matter. This a landmark case for the State of California that I believe will open a new chapter in U.S. domestic anti-money laundering supervision at the state level. It is also a textbook case for why financial institutions must understand and apply the Risk-Based Approach and foster a true culture of compliance within their respective institutions. Compliance professionals should carefully study the DFPI, Federal Reserve, and SEC actions. See: 1. The SEC's 64-page complaint: https://lnkd.in/gNiN_NdY 2. The Federal Reserve's consent order: https://lnkd.in/gx5Zm86i
Today, following an investigation by DFPI, U.S. Securities and Exchange Commission, and Federal Reserve Board, we're announcing a $63 million penalty against La Jolla-based Silvergate Bank. Read more: https://hubs.ly/Q02DYdxy0
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Protect your financial future by staying alert to investment scams! 🛑 The Federal Trade Commission highlights key insights to help you recognize and avoid falling victim to fraudulent schemes. Read the full article below. Member FDIC. #HeartlandBank #ScamPrevention https://lnkd.in/gnNdNh_Y
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Proposed regulations from the FDIC and Federal Reserve will increase capital requirements for banks. Explore how these regulations will impact the capital markets in Tier 1’s latest blog post: http://ow.ly/iuau104Ual4
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Proposed regulations from the FDIC and Federal Reserve will increase capital requirements for banks. Explore how these regulations will impact the capital markets in Tier 1’s latest blog post: http://ow.ly/iuau104Ual4
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By law, all national banks have to be chartered, supervised and regulated by the Federal Reserve and FDIC #citizenfinancialcenter #sba7a #investing #FederalReserve #businessaquisition #FamilyOffices #InvestmentStrategies
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Today is #FinancialCrimeFighterDay. Become a financial crime fighter yourself and learn how to file a complaint with the Federal Trade Commission if you come in contact with a scam by watching this video: https://bit.ly/3sU0sXP
How to File a Complaint | Cambridge Savings Bank
cambridgesavings.com
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See What said FDIC, FedReserve & OCC about Citigroup today. CITIGROUP resolution #plan and #data provided is #NOT #CREDIBLE and this weakness to be a #DEFICIENCY. Citigroup, Inc.’s C ‘living will,’ which outlines the company's plans for winding down in the event of a catastrophic event, was rejected by U.S. banking regulators. In a meeting, most of a five-member Federal Deposit Insurance Corporation (“FDIC”) board decided not to approve the company’s resolution plan, citing ‘deficient’ data controls. FDIC fined Citigroup in 2015 for #moneylaundering BSA violations with 140M, causing windown Citi US unit ( arm of Banamex Mexico in US ) Citi is trying to exit and sale its Citi Mexico Unit fully failed without any success until today since 2022. To be taken in count, but never disclosed this type of regulatory failures or investigations to investors, customers or employees before. Citi then has been fined following 2015 FDIC case, just for moneylaundering 3 times by former Administration -2017 DOJ-MLARS NPA Criminal Settlement 97M -2018 OCC 70M againts Citibank unit which took all BanamexUSA ( clients after was closed for moneylaundering in 2015 ) -2020 OCC-FEDRESERVE 400M and 3 consent orders issued Citi just has been reprimanded under current Administration in Sep 2022, while repeatedly have not reach comply with OCC-FEDRESERVE consent orders in force. Citi now since 2020 is under 3 strong consent orders issued by OCC-FEDRESERVE uncomplied until today, even Citi was reprimanded by OCC-FEDRESERVE in Sep 2022, all of those regulators which jointly with FDIC release below statement press release: June 21, 2024 https://lnkd.in/eVWPXjSx https://lnkd.in/ehPbGtTJ "The agencies jointly identified a weakness in the 2023 plan submitted by Citigroup, but reached different conclusions on its #severity." "The FDIC determined that the Citigroup plan is #not #credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code and considers the weakness to be a “#deficiency.” A deficiency is a weakness that could #undermine the feasibility of the plan. The Board concluded that the weakness is only a shortcoming. Under the resolution planning rule of the agencies, when one agency finds a shortcoming in a resolution plan and the other agency finds a deficiency, the plan is deemed to have a shortcoming. As a result, Citigroup’s 2023 plan is considered to have a shortcoming. The agencies also previously identified a shortcoming in Citigroup’s 2021 plan related to data quality and data management, and that shortcoming remains outstanding." ..........
Together with the Federal Reserve Board, we announced the results of the resolution plan review for eight of the largest and most complex banks. Also known as living wills, they describe a bank’s plan in the event of financial distress or failure. https://lnkd.in/eYN_BmsB
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Proposed regulations from the FDIC and Federal Reserve will increase capital requirements for banks. Explore how these regulations will impact the capital markets in Tier 1’s latest blog post: http://ow.ly/iuau104Ual4
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Will the SCOTUS decision in Cantero v. Bank of America reshape the compliance landscape for national banks? Join Alan Kaplinsky for a roundtable webinar with attorneys who filed amicus briefs on each side. The Court’s decision will determine the extent to which national banks must comply with state consumer protection statutes. Hear reactions to the oral argument, insights into the thinking of the justices, predictions for how they’ll rule, and more. For the full slate of panelists and to register, please follow this link: https://bit.ly/4a0wYI1 #NationalBanks #Webinar #BallardBusinessandTransactions
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Dan Meade discusses the Federal Deposit Insurance Corporation (FDIC)'s recent board meeting and new proposed rule with the Federal Reserve Board, and the Office of the Comptroller of the Currency that requires large banks to issue and maintain minimum amounts of long-term debt; and Alix Prentice covers the changes to trading rules under the new Financial Services and Markets Act 2023 in this week's #FinancialServices newsletter. Read here: bit.ly/3R63DG0
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