FRB Settles Case With NAB Bank

If you want to feel good about your institution, check out the written agreement between NAB Bank of Chicago, Illinois, the FRB of Chicago and the State of Illinois Office of Banks and Real Estate. In the agreement, the regulators pretty much throw the book at the bank.

The agreement provides for remedial action in a wide array of areas, including risk management, Information Technology, safety and soundness, and BSA. The agreement may come in handy during your next budget face off. It also outlines what the regulators think of as critical elements of a BSA program. The agreement is available on the FRB's website under enforcement actions.

Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 6, 6/03