FED slams Mid-America Bank over compliance

- Risk Staff
- 01 Jul 2007

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The document, available on the Federal Reserve's website, is comprehensive in its analysis of the weaknesses of Mid-America Bank's control failures. For example, the bank is being asked to develop a programme for the separation of duties among the lending, credit administration and loan operations functions. It also has to put in place an accurate watch list and an effective independent loan review programme. The enforcement action comes on the heels of an examination that found deficiencies in the firm's credit business.

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