Forex
Fed Dropped Enforcement Action Against United Texas Bank Amid AML Concerns
The Federal Reserve Board has ended its enforcement action against United Texas Bank, citing improvements to its internal anti-money laundering controls.
The bank was placed under a consent order by the Office of the Comptroller of the Currency in June, with concerns over its compliance with anti-money laundering and Bank Secrecy Act requirements.
Senator Elizabeth Warren had expressed her concerns over the bank's national charter, stating that it sets a 'dangerous precedent' for other banks to engage in 'charter shopping'.