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) ORDER TO CEASE AND DESIST - fdic

) ORDER TO CEASE AND DESIST - fdic 2025

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The document is an official ORDER TO CEASE AND DESIST issued by the Federal Deposit Insurance Corporation (FDIC) and the Office of Financial Regulation (OFR) of Florida against The Royal Palm Bank of Florida. It outlines various unsafe or unsound banking practices identified at the bank, including hazardous lending, inadequate capital, and poor management oversight. The bank has consented to this order without admitting to the charges and is required to take corrective actions such as improving management, increasing capital ratios, managing credit concentrations, and enhancing internal audits. The order mandates regular progress reports and compliance with specific financial guidelines.

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What is Section 42 of the FDIC?

Section 42 of the Federal Deposit Insurance (FDI) Act (12 USC 1831r) sets forth guidelines for financial institutions to notify the FDIC and its customers regarding proposals to close a branch.

What is the purpose of a cease and desist order?

A cease and desist is a written notice demanding that the recipient immediately stop an illegal or allegedly illegal activity. It may take the form of an order or injunction issued by a court or government agency or a letter from an attorney, individual, or business.

What does a cease and desist mean for a bank?

Cease Desist Orders (CD) or Personal Cease-and-Desist Order (PCD): A final order issued pursuant to 12 USC 1818(b) that may, among other things, require a bank or IAP to cease and desist from an unsafe or unsound practice or violation and to take affirmative action to correct or remedy any conditions resulting from

What is a cease and desist order in insurance?

Section 19 prohibits a person from participating in the affairs of an FDIC-insured institution if he or she has been convicted of an offense involving dishonesty, breach of trust, or money laundering, or has entered into a pretrial diversion or similar program in connection with a prosecution for such an offense,

How serious is a cease and desist letter?

Banking Sector: A major bank might receive a consent order for failing to implement effective AML practices. The order would require the bank to enhance its AML compliance program, conduct additional training, and perhaps pay a fine.