Printer Friendly

ENFORCEMENT ACTIONS.

The Federal Reserve Board on March 29, 2001, announced the issuance of a consent order of assessment of civil money penalty against First Community Bank, Conway, Arkansas, a state member bank. First Community Bank, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. The order requires First Community Bank to pay a civil money penalty of $2,000.

The Federal Reserve Board on March 26, 2001, announced that a public administrative hearing would commence on April 2, 2001, in connection with an enforcement action against Oren L. Benton, the former sole shareholder and a director of The Professional Bank, a former state member bank, and Edward D. Scott, a former executive vice president and director of the bank.

The hearing was scheduled to be held before an administrative law judge to determine whether Messrs. Benton and Scott should be permanently barred from the banking industry and whether the Board should assess a fine of $1.25 million against Mr. Benton and a fine of $75,000 against Mr. Scott.

The notice alleges that Messrs. Benton and Scott violated laws and regulations, engaged in unsafe or unsound banking practices, and breached their fiduciary duty to the bank when they caused the bank to violate section 23A of the Federal Reserve Act and the Board's Regulation O.

The Federal Reserve Board on March 16, 2001, announced the execution of a written agreement by and between USABancShares.com, Inc., Philadelphia, Pennsylvania, and the Federal Reserve Bank of Philadelphia.

The Federal Reserve Board announced on March 14, 2001, the issuance of a final decision and order dismissing an enforcement action brought against Guillaume Henri Andre Fonkenell, a former institution-affiliated party of Bankers Trust Company, New York, New York.
COPYRIGHT 2001 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Federal Reserve Board
Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2001
Words:303
Previous Article:REVISED BROCHURE ON HOME EQUITY LINES OF CREDIT.
Next Article:Minutes of the Meeting of the Federal Open Market Committee Held on January 30-31, 2001.
Topics:


Related Articles
Statement to the Congress.
FINAL ENFORCEMENT DECISION ISSUED BY THE BOARD OF GOVERNORS.
FINAL ENFORCEMENT DECISION ISSUED BY THE BOARD OF GOVERNORS.
TERMINATION OF ENFORCEMENT ACTIONS.
ENFORCEMENT ACTIONS AND TERMINATIONS OF PRIOR ENFORCEMENT ACTIONS.
PENDING CASES INVOLVING THE BOARD OF GOVERNORS.
Announcements.
Announcements.
Enforcement actions.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters