The Federal Reserve Board announced on August 8, 2024, the execution of an enforcement action against Customers Bancorp, Inc. and its subsidiary, Customers Bank. This action followed recent examinations and inspections conducted by the Federal Reserve Bank of Philadelphia.
The inspections identified significant deficiencies related to the Bank's risk management practices and its compliance with applicable laws, rules, and regulations concerning anti-money laundering (AML). These deficiencies specifically included issues with the Bank Secrecy Act and the AML requirements of Regulation H of the Board of Governors.
This regulatory action highlights serious concerns regarding the bank's compliance infrastructure and risk management framework. Such enforcement can lead to increased regulatory oversight and potential operational adjustments, impacting the bank's future business activities and financial performance.
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