Quaint Oak in Pa. freed from BSA-related consent orders
Quaint Oak Bancorp in Southampton, Pa., has been freed from May 2025 enforcement actions.
The company disclosed in a regulatory filing that its bank was released from consent orders from the Federal Deposit Insurance Corp. and the state of Pennsylvania.
The orders were tied to the bank’s compliance with the Bank Secrecy Act and followed an on-site exam.
“During the remediation period, the bank implemented substantial enhancements to its compliance framework, including financial crime management and third-party risk oversight that [have] strengthened the … control environment and will support future operational initiatives,” the new filing said.
Quaint Oak noted when it disclosed the orders last year that it had already created a financial crime management department and hired an AML officer. The bank had already revised and enhanced its AML policies, along with training and policies for handling third-party risk management.