The Federal Reserve
Federal Reserve Board barred CEO of NBRS Financial from Working in the Banking Industry
The Federal Reserve Board recently barred the former president and CEO of NBRS Financial from working in the banking industry.
The Board found that the former president and CEO had been involved in self-dealing transactions with bank loans and was keeping information from the NBRS board of directors. The Board considers these practices as unsafe and unsound, violating the law, as well as a failure in his duties to NBRS Financial.
The Board issued this prohibition order by default and the former CEO did not respond to the notice of enforcement.
Federal Reserve Board Will Begin TDF Testing in August
The Federal Reserve has been periodically testing the Term Deposit Facility (TDF). The purpose of this testing is to ensure the TDF is ready and giving qualified institutions opportunities to familiarize themselves with deposit practices.
The Federal Reserve began one of these operations on August 23rd, which included multiple actions, all of which can be found here.
The Office of the Comptroller of the Currency (OCC)
The OCC Issues Enforcement Actions
The Office of the Comptroller of the Currency issued several enforcement actions. These actions included the following: Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders.
For a full list of the institutions and banks, as well as the full copies of the final actions, view the full press release from the OCC.
Other Regulatory Bodies
FINRA Issues First Annual Industry Snapshot
To increase awareness about the industries and practices that FINRA regulates, they release an Annual Industry Snapshot. This Snapshot includes important data regarding the brokerage firms, registered individuals and market activity that FINRA regulates. See the full Snapshot here.