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FollowingThe Federal Reserve terminates enforcement actions against United Texas Bank of Texas
The U.S. Federal Reserve Board (hereinafter referred to as the "Fed") announced on Friday that it has terminated enforcement actions against United Texas Bank. The bank is located in Dallas, Texas, and its anti-money laundering controls for virtual asset customers have attracted the focus of regulators in 2024. The termination decision takes effect on September 2, 2026, and was jointly released by the Federal Reserve and the Texas Department of Banking, the bank's state-level regulator.
Specific requirements for the 2024 cease and desist order
This cease and desist order, signed on August 29, 2024, stems from an inspection conducted by the Federal Reserve Bank of Dallas and the Texas Banking Department in May 2023. The inspection found significant flaws in the bank's corporate governance and supervision. Inspectors specifically pointed to weaknesses in risk management and compliance with Bank Secrecy Act (BSA) anti-money laundering rules, issues related to the bank's foreign correspondent banking and virtual asset customers.
Under the consent order, the bank was required to strengthen board oversight, comprehensively reform its BSA/AML compliance program, revise customer due diligence procedures, and improve suspicious activity monitoring mechanisms. The Texas-chartered agency, a member of the Federal Reserve system, agreed to the order without acknowledging or denying the findings. Nearly two years after the order came into effect, regulators finally terminated it.
The move sends a signal to banks facing cryptocurrency business
to terminate the order shows that United Bank of Texas has met the requirements set by the Federal Reserve Bank of Dallas and the Texas Department of Banking. This move is of great significance to the digital asset industry, because the bank's customer base includes virtual asset customers. In addition, it is one of the latest signs that U.S. regulators are easing compliance pressure on banks that serve crypto, after the Federal Reserve approved Kraken Financial's master account application.
The preamble to theorder states that since the 2023 inspection, the bank has begun to strengthen its compliance program and reduce its BSA/AML risk levels.
Broader regulatory easing trend in cryptocurrency banking
The Federal Reserve's announcement also terminated a written agreement reached in July 2023 involving New York-based holding companies Quantic Bank Acquisition Corp. and Quantic Bank Holdings Corp. The statement did not elaborate on specific reasons for terminating the agreements, but the moves came at a time when U.S. banking regulators relaxed some banking rules related to cryptocurrencies. Union Bank of Texas, a member of the Federal Reserve system, had no immediate comment.
