INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing.
Federal Reserve System the FRB announced it entered into a consent order Consent Order with a member bank imposing an approximately US$2.3 million civil money penalty against the bank for its role in processing and funding six fraudulent Paycheck Protection Program.