Federal Reserve Board Enforcement Actions

The Federal Reserve Board (FRB) is the central bank of the United States. It is responsible for regulating and supervising banks and other financial institutions. The FRB can take enforcement actions against banks and other financial institutions that violate laws, rules, or regulations.

These enforcement actions can include cease and desist orders, written agreements, removal and prohibition orders, and orders assessing civil money penalties. You may want to utilize a search of Federal Reserve Board enforcement actions to identify any potential red flags that could indicate that the individual is not a good fit for the position or the company.

Most commonly, CI utilizes a Federal Reserve Board Enforcement Action search for employees that will be handling money for an organization, or that is public facing. The inquiry will obtain any record of possible fraud, and ensure the applicant has not behaved unethically, or dishonestly in the past.

For example, if the individual has been subject to a removal or prohibition order, this could indicate that they have engaged in misconduct that could make them unfit to work in the financial industry. It can help to comply with regulatory requirements as well. Some industries are subject to regulations that require you to conduct background checks on potential employees.

A search of FRB enforcement actions can help you comply with these regulations. Also, it can help to protect your company from liability while increasing compliance. If you hire an individual who has been subject to an FRB enforcement action, your company could be held liable for any losses that the individual causes.

By partnering with a professional to search the FRB enforcement actions, employers can help to protect themselves from this risk. Utilizing a search of FRB enforcement actions protects you from hiring individuals who have engaged in misconduct that could pose a risk to your company and customers.