Fed announces enforcement action with OK bank

An enforcement action with AllNations Bank of Calumet, Okla., among the bank, the Federal Reserve Bank of Kansas City and the Oklahoma State Banking Department that requires numerous management and operational improvements was announced Thursday by the Federal Reserve Board.

AllNations Bank is a state-chartered member bank. According to the Oct. 22 enforcement agreement, the bank has 30 days in which to submit written policies and procedures acceptable to the Reserve Bank and the state regulator to strengthen internal controls. The bank’s board also has 60 days in which to submit a written plan to strengthen board oversight of management and operations.

Additional plans are required for credit risk management, capital, funding, fixes to information technology and cybersecurity deficiencies, and, among other things, improvements in the institution’s Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.

Federal Reserve Board issues enforcement action with AllNations Bank