On February 28, the Federal Reserve Board announced an enforcement action against a bank holding company for alleged internal control deficiencies, resulting in unsafe and unsound practices in violation of the Federal Deposit Insurance Act that caused a financial loss to the company. The consent order acknowledges that the company has since addressed the deficiencies that contributed to the loss and implemented additional improvements in its internal controls and audit programs. The Federal Reserve Board assessed a civil money penalty of $1,012,500.