Customers Bancorp, Inc. disclosed on August 8, 2024, after market hours, a consent order issued by the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Bank Supervision. This order cited deficiencies within the company's operations.
The Bureau stated that these deficiencies provided reason to believe the Bank had engaged in unsafe or unsound banking practices related to BSA/AML Requirements. The order principally addressed aspects of compliance risk management, including practices governing digital asset-related services and oversight by the Board of Directors.
This state-level regulatory action, following a similar enforcement from the Federal Reserve, underscores the systemic nature of the compliance and risk management issues at Customers Bancorp. The dual regulatory scrutiny indicates a heightened need for remediation and could lead to further operational and financial impacts.
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