WASHINGTON – In a shocking move, the Federal Deposit Insurance Corporation (FDIC) released a list of orders of administrative enforcement actions taken against banks and individuals in June 2022. The list highlights a lack of regulatory oversight, with 12 banks and individuals facing penalties, but none of which included fines.
The FDIC issued 12 Orders and one Notice in June 2022. The administrative enforcement actions in those Orders consisted of three consent orders, one order to pay civil money penalty, four orders of prohibition, one section 19 order, one order terminating consent order, two orders of termination of insurance, one Notice of Intention to Prohibit from Further Participation, Notice of Assessment of Civil Money Penalties, Findings of Fact and Conclusions of Law, Order to Pay, Notice of Hearing, and Prayer for Relief.
While the lack of fines may come as a surprise to many, the fact remains that 12 banks and individuals faced enforcement actions from the FDIC. The list of enforcement actions highlights the need for greater regulatory oversight in the banking industry.
According to the FDIC, the enforcement actions were taken to address issues such as “unsafe and unsound banking practices” and “violations of banking laws and regulations.” The actions were taken against banks and individuals in various states, including Arizona, California, Florida, and New York.
The FDIC has come under fire in recent years for its handling of enforcement actions. Critics argue that the agency has been too lenient in its approach, allowing banks and individuals to engage in risky behavior without consequences.
However, the FDIC maintains that its enforcement actions are necessary to ensure the stability and integrity of the banking system. “The FDIC is committed to enforcing the laws and regulations that govern the banking industry,” said LaJuan Williams-Young, an FDIC spokesperson. “We will continue to take enforcement actions against banks and individuals who engage in unsafe and unsound practices.”
The full list of enforcement actions can be found on the FDIC’s website. The list includes the names of the banks and individuals involved, as well as the nature of the enforcement actions taken.
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Key Facts
- Agency: FDIC
- Category: Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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