ADVERTISEMENT
Fed Ends Enforcement Action For FTX-Linked Farmington State Bank
The Federal Reserve said on Tuesday that it has terminated an enforcement action with Farmington State Bank, a lender that had ties to failed crypto firm FTX.
06 Feb 2024, 10:37 PM IST 
Vehicles pass in front of the Marriner S. Eccles Federal Reserve building in Washington, DC.
(Bloomberg) -- The Federal Reserve said on Tuesday that it has terminated an enforcement action with Farmington State Bank, a lender that had ties to failed crypto firm FTX.
The Fed said that its action, which has been in effect since last July, ensured the lender would protect depositors as the lender wound down. Farmington no longer functions as a bank, the central bank said.
Separately, the Fed also announced the end of two enforcement actions involving BNP Paribas SA. Those measures had been in place since 2014 and required the French bank to bolster compliance with US sanctions rules, the Fed said.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
