FDIC orders Arkansas banker to pay $35K CMP

The FDIC has issued to Howard M. Beaty, Jr., an institution affiliated party of First State Bank, Crossett, AR, a Consent Order to Cease and Desist and to Pay a civil money penalty of $35,000, which Beaty consented to "solely … for the resolution of disputed matters and without admitting or denying any alleged violations of law or regulations. The order indicates that the FDIC has reason to believe that:

• Since 2007, Respondent has served as the President and Chief Executive Officer of First State Bank, Crossett, Arkansas (“Bank”). From at least 2010 to 2012, Respondent served as the Bank’s Bank Secrecy Act Officer.
• As an institution-affiliated party of the Bank, Respondent violated or caused the Bank to violate the Bank Secrecy Act, 31 U.S.C. §§ 5311–5332, and its implementing regulations. Specifically, Respondent failed to timely file suspicious activity reports as required under 12 C.F.R. Part 353.