FDIC lists 24 supervisory actions taken in September

Twenty-four supervisory actions were taken by the Federal Deposit Insurance Corp. (FDIC) in September – including eight consent orders against persons affiliated with one Pennsylvania bank – the agency reported last week.

The consent orders were reached with persons affiliated with Vantage Point Bank in Horsham, Pa. The orders note that the individuals neither admit or deny that they were “engaged or participated in unsafe or unsound banking practices” with the bank, in respect to the “supervision and oversight of the Bank’s mortgage banking division, including (i) failing to ensure qualified management; (ii) failing to sufficiently supervise management by ensuring that appropriate policies and controls were established and implemented; and (iii) failing to provide for sufficient independent reviews and/or audits.”

The FDIC also assessed one civil money penalty assessment (for $12,450, assessed on a Wisconsin bank), and three terminations of insurance (for institutions in Tennessee, Virginia and Wisconsin – none of which was any longer accepting deposits, other than for trust funds).

Also in September: Five individuals were approved to participate in the affairs of an FDIC-insured bank or savings association, and were granted waivers under “Section 19” of the agency’s enabling act (the Federal Deposit Insurance Act). The agency also issued two terminations of cease and desist orders (for banks in Gunnison, Utah and Sleepy Eye, Minn.), and three termination of consent orders for banks in Indiana, Kentucky and Texas.

FDIC Enforcement Decisions and Orders, September 2017