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New York State Banking Department Issues Consent Order to Cease and Desist to USA Bank

October 22 , 2007

New York, NY: The New York State Banking Department entered into a Consent Order to Cease and Desist with USA Bank, effective October 22, 2007, for unsafe and unsound banking practices.

USA Bank, Port Chester, NY, without admitting or denying the allegations, consented to the issuance of the Order. Apparent violations and deficiencies came to light during a joint examination conducted by the Banking Department and the FDIC.

Under the Order, USA Bank is required to take immediate action to correct violations and take all necessary steps to prevent unsafe or unsound banking practices through the establishment and adoption of policies, procedures, and processes that address inadequate management, technology, staffing, and training.

The New York State Banking Department is the regulator for all state-chartered banking institutions, nearly all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners.  The depository institutions supervised by the Banking Department have aggregate assets of more than $1.8 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters.  To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at

Department of Financial Services


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