'Customers Bancorp Must Improve Its Risk Management Practices For Its Digital Asset Strategy Under A Written Agreement With The Federal Reserve; The Fed Said In The Aug. 5 Enforcement Action That It Discovered Issues As Part Of A Regular Examination. The Company Must Submit A Written Plan For Improving Its BSA And AML Compliance; Requires Customers To Craft Policies, Procedures, And Controls To Ensure That Its Bank Collects, Analyzes And Retains Complete And Accurate Information For All Customers'
Portfolio Pulse from Benzinga Newsdesk
Customers Bancorp must enhance its risk management practices for its digital asset strategy under a written agreement with the Federal Reserve. The Fed's Aug. 5 enforcement action revealed issues during a regular examination. The company must submit a plan to improve its BSA and AML compliance, including policies, procedures, and controls to ensure accurate information collection and retention for all customers.
August 08, 2024 | 3:28 pm
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NEGATIVE IMPACT
Customers Bancorp is required to improve its risk management practices for its digital asset strategy under a Federal Reserve agreement. The company must enhance its BSA and AML compliance.
The enforcement action by the Federal Reserve indicates significant compliance issues that need to be addressed. This could lead to increased scrutiny and potential costs for Customers Bancorp, negatively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The enforcement action against Customers Bancorp may have a minor impact on the broader market, as represented by SPY.
While the enforcement action is significant for Customers Bancorp, its impact on the broader market, as represented by SPY, is likely to be minimal.
CONFIDENCE 70
IMPORTANCE 20
RELEVANCE 10