Federal Reserve Issues Cease-and-Desist Order to Georgia-Based Community Bankshares Over Government Lending Program
The Federal Reserve issued a cease-and-desist order to Community Bankshares, a Georgia-based bank holding company, over issues related to its government-guaranteed lending program. The Fed required the company to improve board oversight, senior management, and capital position. The bank had been involved in originating and purchasing SBA and USDA loans through a subsidiary, Phoenix Lender Services.
Tickers: $COMM
Topics: Banking Regulation Community Bankshares Federal Reserve Regulatory Compliance SBA Loans USDA Loans