Regulatory Alerts2024-04-24
Added · Updated
Consent Order Regarding Tioga-Franklin Savings Bank
The Pennsylvania Department of Banking and Securities issued a Consent Order against Tioga-Franklin Savings Bank to address unsafe or unsound banking practices identified in a July 2023 FDIC examination. The order mandates immediate enhancements to board oversight, the implementation of a robust Anti-Money Laundering and Counter-Financing of Terrorism program, and the development of a comprehensive three-year strategic plan to restore capital adequacy. Additionally, the Bank is required to conduct a look-back review of past transactions for BSA compliance and ensure strict adherence to Office of Foreign Assets Control regulations.
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