The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

CBTX in Texas freed from 2020 formal agreement

CBTX in Houston has been freed from a 15-month-old regulatory order.


The $4.1 billion-asset parent of CommunityBank of Texas disclosed in a regulatory filing Wednesday that the Office of the Comptroller of the Currency lifted the June 2020 formal agreement earlier this week.

The order instructed the bank to improve compliance with the Bank Secrecy Act and anti-money-laundering laws. It also required the bank to establish a committee to oversee compliance with the agreement and ensure that its BSA staff has sufficient authority and resources to fulfill its responsibilities.

CBTX also had to develop, implement and adhere to a written program of policies and procedures for BSA compliance. The bank was also required to adopt a BSA audit program and develop a training program for all appropriate bank employees.

The OCC recently freed Patriot National Bancorp in Stamford, Conn., from a 2018 formal agreement.

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The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

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About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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