Regulatory Alerts2025-04-21
Consent Order Regarding Compass Savings Bank
The Pennsylvania Department of Banking and Securities issued a Consent Order against Compass Savings Bank to address unsafe or unsound banking practices identified in a July 2024 examination. The Order mandates the Bank's Board of Trustees to enhance oversight and implement comprehensive corrective plans for earnings, capital, interest rate risk, liquidity, internal audit, and information technology within 90 to 120 days. Compliance requires the submission of detailed strategies for Bureau review, quarterly progress reports, and strict adherence to established policies and internal controls to ensure safe and sound operations.
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