COMMONWEALTH CO-OPERATIVE BANK
Outcome
DECISION AND ORDER TO PROHIBIT FROM FURTHER PARTICIPATION
Details
COMMONWEALTH CO-OPERATIVE BANK — FDIC Enforcement (2009)
FDIC took enforcement action against COMMONWEALTH CO-OPERATIVE BANK in BOSTON, MA in 2009 involving civil money penalty, removal prohibition violations in the Community Banks / Credit Unions sector.
Penalty: $75,000
Violation types: Civil Money Penalty, Removal Prohibition
Entity type: Financial Institution
Penalty type: Civil Money Penalty
Location: BOSTON, MA
Source: FDIC ED&O — FDIC-07-252e; FDIC-08-16k
How Crucible Prevents This
Crucible's banking compliance controls enforce regulatory requirements and flag violations before they escalate to civil money penalties. Crucible's personnel compliance controls enforce background check requirements and monitor for prohibited activities by institution-affiliated parties.
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