The US Federal Reserve Board has officially announced the termination of enforcement actions with Commerzbank AG, headquartered in Frankfurt am Main, Germany, and Commerzbank AG New York Branch, located in New York, New York. These actions were previously put in place to address specific concerns and regulatory issues.
The Written Agreement between the Federal Reserve Board and Commerzbank AG, dated June 8, 2012, has been terminated as of June 15, 2023. This agreement outlined certain requirements and obligations that the bank had to fulfill to address regulatory concerns.
Furthermore, the Cease and Desist Order issued to both Commerzbank AG, Frankfurt am Main, Germany, and Commerzbank AG New York Branch, New York, New York, on October 16, 2013, has been terminated as of June 2, 2023. This order demanded that the bank cease and desist from certain practices or behaviors that were deemed non-compliant with regulations.
In addition, another Cease and Desist Order, which was issued to Commerzbank AG, Frankfurt am Main, Germany, on March 12, 2015, has also been terminated as of June 2, 2023. This order had specific requirements for the bank to rectify certain regulatory concerns.
These terminations indicate that the US Federal Reserve Board has concluded that Commerzbank AG and its New York Branch have successfully addressed the identified issues and have complied with the necessary regulations and requirements. This decision reflects the progress made by the bank in rectifying any previous regulatory concerns.
For more information about additional enforcement actions, interested parties can search for them on the Federal Reserve Board’s official website.
https://www.federalreserve.gov/newsevents/pressreleases/enforcement20230623a.htm