RBB Bancorp in Los Angeles has been freed from an October 2023 consent order.
The $3.9 billion-asset company and its bank were required by the Federal Deposit Insurance Corp. and the California Department of Financial Protection and Innovation to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance.
“Our directors and staff worked very hard to address our regulators’ concerns and to strengthen our … compliance programs,’ David Morris, the company’s CEO, said in a press release. “I want to convey my sincere thanks and appreciation to our entire team who worked so diligently to build an enhanced BSA/CFT program for our bank.”