Academic journal article Federal Reserve Bulletin

Enforcement Actions

Academic journal article Federal Reserve Bulletin

Enforcement Actions

Article excerpt

The Federal Reserve Board on March 29, 2001, announced the issuance of a consent order of assessment of civil money penalty against First Community Bank, Conway, Arkansas, a state member bank. First Community Bank, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. The order requires First Community Bank to pay a civil money penalty of $2,000.

The Federal Reserve Board on March 26, 2001, announced that a public administrative hearing would commence on April 2, 2001, in connection with an enforcement action against Oren L. Benton, the former sole shareholder and a director of The Professional Bank, a former state member bank, and Edward D. Scott, a former executive vice president and director of the bank.

The hearing was scheduled to be held before an administrative law judge to determine whether Messrs. …

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