Generations Bank has been cited by the federal Office of the Comptroller of the Currency (OCC) for unsafe or unsound practices related to board oversight, strategic planning, liquidity risk management, and interest rate risk management.
As reported by the Finger Lakes Times, the 21-page agreement does not specify particular violations or criticisms of the bank’s operations. Instead, it outlines deadlines for the bank to submit corrective plans addressing the issues identified by the OCC, an independent agency within the U.S. Department of the Treasury.
The bank’s board members have signed an agreement committing to resolve the problems.
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