off-the-wire

Fed announces enforcement action against Customers Bancorp for risk management deficiencies

Kitco Media
By Reuters
Published:
Updated:
Reuters
Fed announces enforcement action against Customers Bancorp for risk management deficiencies teaser image

WASHINGTON, Aug 8 (Reuters) - The US Federal Reserve announced Thursday it had imposed an enforcement action against Customer Bancorp for "significant deficiencies" around the bank's risk management and anti-money laundering practices.

The enforcement action against the bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the Fed, the central bank said.

Reporting by Pete Schroeder, Editing by Franklin Paul

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