The $19.7 billion-asset
company disclosed in a regulatory filing Monday that it filed an application on
Dec. 31 with the Washington State Department of Financial Institutions.
If approved, the Federal
Deposit Insurance Corp. would replace the Office of the Comptroller of
the Currency as the bank’s primary federal regulator. The bank would also cancel
its holdings of stock of the Federal Reserve Bank of San Francisco and
terminate its membership in the Federal Reserve System.
The Fed would remain the
company’s primary federal regulator.
The move comes just weeks after the company
announced that the OCC had freed
its bank from a three-year-old consent order. The order required WaFd Bank
to enhance its Bank Secrecy Act program, among other things.
The bank also paid a $2.5
million civil penalty tied to the order.
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