Bank fined and former employee prohibited from banking activities due to regulatory violations.
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| Federal Reserve Board takes action to protect consumers and ensure banking system safety. Symbolic Image |
Washington DC, USA – October 4, 2024:
The Federal Reserve Board on Thursday announced the execution of enforcement actions against Opportunity Bank of Montana and Lindsay Graves, a former employee of Bank of Jackson Hole.
The Federal Reserve Board issued a Consent Cease and Desist Order against Opportunity Bank of Montana, Helena, Montana, for violating flood insurance regulations. The bank agreed to pay a civil money penalty of $10,000 and take corrective actions to ensure compliance with flood insurance requirements.
The Federal Reserve Board also issued a Consent Cease and Desist Order against Lindsay Graves, a former employee of Bank of Jackson Hole, Jackson, Wyoming. Graves was found to have misappropriated documents, including confidential supervisory information. The order prohibits Graves from engaging in any activities related to the banking industry.
The Federal Reserve Board takes enforcement actions to ensure the safety and soundness of the banking system and to protect consumers. These actions demonstrate the Board's commitment to holding institutions and individuals accountable for their violations of banking laws and regulations.