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Updated: 9:38 PM Sep 3, 2010
Local Bank Receives "Letter of Enforcement"
A local bank receives a "letter of enforcement" from federal agency the Office of the Comptroller of the Currency. The letter is part of stricter regulations for banks across the country.
Posted: 5:38 PM Sep 3, 2010Email Address: news@newsplex.com |
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2 Comments 
September 3, 2010
A local bank receives a "letter of enforcement" from federal agency the Office of the Comptroller of the Currency. The letter is part of stricter regulations for banks across the country.
According to the blog "Capital Risk Images," Old Dominion Bank located in North Garden, is one of more than 800 banks that received similar letters as part of the new federal regulation.
Old Dominion Bank must create a committee to make sure their practices are operating "safely." The bank must also raise more money.
Read Old Dominion's statement to CBS19 here:
"On June 28, we received a letter of enforcement from the Office of the Comptroller of the Currency, the federal regulatory agency that oversees our bank. This letter was not the result of negligence on the part of Old Dominion National Bank. It was the result of economy-driven regulatory changes that have resulted in an unprecedented rise in enforcement actions nationwide.
American Banker magazine recently predicted that by the end of this year, approximately 25%, or 2,000 of the 8,000 banks in America, will be under enforcement action of some sort by a federal regulatory agency. This is a 64% increase over previous years.
The primary issue addressed in the letter to Old Dominion National Bank was related to an increased focus on the capital ratio, or the ratio of a bank’s total debt to its total capital. We immediately addressed this issue and have fulfilled every requirement asked of us in the letter,
Including forming a compliance committee and creating a capital plan, a liquidity plan and a strategic plan.
Old Dominion National Bank is in full compliance with the new regulations and at no time was there any risk posed to our investors or our customers.
We are fully committed to compliance with these new and evolving regulations. However, we also want to take this opportunity to reaffirm our commitment to the many partners we serve across this community and continuing what has been at the core of our success…doing the right things, the right way, for the right people."
– Charles V. Darnell, President and CEO
Latest Comments
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Watch out, or Big Bro O will get you!
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