Regulatory Alerts2026-05-15
Federal Reserve Board Terminates Enforcement Actions with UBS and Credit Suisse Entities
The Federal Reserve Board issued a consent cease-and-desist order and assessed a $268.5 million civil penalty against UBS Group AG, Credit Suisse AG, and their United States operations to resolve longstanding risk management deficiencies linked to the Archegos collapse. The order mandates that UBS and Credit Suisse strengthen board oversight, establish a dedicated Remediation Office, and submit comprehensive remediation plans for counterparty credit, liquidity, and non-financial risks within 120 days. Additionally, the institutions must implement quarterly progress reporting, restrict the retention of employees directly involved in the misconduct, and distribute the penalty to the United States Treasury.
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