Fed terminates enforcement action with The Leaders Group Inc.

A consent order entered into in April 2011 between the Federal Reserve Board and The Leaders Group Inc. – a bank holding company that owns and controls The Leaders Bank (Oak Brook, Ill.) – was terminated July 1, the Fed announced Thursday.

The 2011 consent order focused on operational concerns at the BHC, particularly its regulatory obligation to serve as a source of strength for the bank. That included, among other things, taking steps to ensure the bank itself complied with a consent order entered into with the Illinois banking regulator and the Federal Deposit Insurance Corp. (FDIC) in November 2010. The 2010 order pointed to “unsafe or unsound banking practices and violations of law, rule, or regulation alleged to have been committed by the Bank.”

Federal Reserve Board announces termination of enforcement action with The Leaders Group, Inc.