Federal Reserve Board issues enforcement action with First Vision Bank, this enforcement is a joke! An $8,000 fine for 100+ people's lives upended.
https://www.federalreserve.gov/newsevents/pressreleases/files/enf20210701a1.pdf
For this malfeasance, Vision Bank issued a penalty of $8,000.
$8,000
https://buckleyfirm.com/sites/default/files/Buckley%20InfoBytes%20-%20In%20the%20Matter%20of%20FirstBank%20-%20FDIC%20Order%202021.03.30.pdf
So, they allow 61 people to get screwed over thinking they have floor insurance at origination, didn't maintain adequate coverage on 88 instances, and didn't timely tell 10 others they would be forcefully moved? The FDIC goes after the for $172,500, but The Fed only sees this as an $8,000 issue?
Wow.
