C&D order with Barclays over OFAC violations, enforcement against OK bank terminated, Fed announces

A 2010 cease-and-desist order against Barclays Bank plc (London, England) and its branch in New York City over violations of Office of Foreign Assets Control (OFAC) requirements was terminated by the Federal Reserve Board May 11, the Fed announced Tuesday. The Fed on May 10 also terminated a 2013 order against Oklahoma Capital Bank (formerly Freedom Bank of Oklahoma) in Tulsa, Okla.

The consent order with Barclays followed an investigation conducted jointly by the Department of Justice, the district attorney for the County of New York, N.Y., and OFAC into Barclays practices concerning the transmission of funds to and from the U.S., including through its New York branch, by and through entities and individuals subject to sanctions regimes imposed under the International Emergency Economic Powers Act
(IEEPA) and the Trading with the Enemy Act, both of which are administered by OFAC. Barclays agreed to pay an aggregate $298 million in settlement agreements with the Justice Department, New York district attorney and OFAC; and to implement a global OFAC compliance program.

The 2013 order with Oklahoma Capital Bank required the bank to strengthen management and board oversight, strengthen credit risk management, establish a written enhanced lending and credit administration program, submit plans to ensure sufficient capital and to enhance interest-rate risk management, and more.

2010 order, Barclays Bank plc, London, England, and Barclays Bank plc, New York Branch, New York, N.Y.

2013 order, Oklahoma Capital Bank (formerly known as Freedom Bank of Oklahoma), Tulsa, Okla.

Federal Reserve Board announces termination of enforcement actions with Barclays Bank plc and Oklahoma Capital Bank