The Federal Reserve is ending its enforcement action into the Sam Bankman-Fried linked Farmington Bank.
The announcement came after the Fed said that the Bank had wound down operations and “no longer functions as a bank.”
“The Board’s enforcement action, which has been in effect since July 2023, ensured the bank’s operations would wind down in a manner that protected the bank’s depositors,” a press release said.
When the Fed announced in August that it had taken action against Farmington, it said Farmington had “improperly” changed its business model and failed to inform the central bank. It also named FBH Corporation, its holding company, in the now-terminated…
Read more on Blockworks