According to Odaily, the Federal Reserve has announced enforcement action against Customers Bancorp Inc, citing significant deficiencies in the bank's risk management and anti-money laundering practices. The action follows a recent inspection by the Federal Reserve of the Pennsylvania-based bank, which offers digital asset services and a tokenized instant payment platform. As of now, representatives from the bank have not responded to requests for comment.
The enforcement action does not include fines but mandates the bank to thoroughly reform its policies to address the identified deficiencies. Additionally, Customers Bancorp Inc is required to regularly report its progress to regulatory authorities.
