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Customers Bancorp (NYSE: CUBI) Welcomes Veteran Allen Love as New Chief Compliance Officer

On Friday, Customers Bancorp (NYSE: CUBI) named industry veteran Allen Love its chief compliance and anti-money-laundering officer.

The announcement came a day after the U.S. Federal Reserve slapped the bank, which manages $22 billion in assets, with an enforcement action for “significant deficiencies” around its risk management and anti-money-laundering practices.

Shares of the West Reading, Pennsylvania-based bank fell another 2% on Friday, after sinking 13% in the previous session following the Fed’s enforcement action, which directed it to overhaul and address the risk exposure from its digital assets business.

The U.S. Central Bank can take enforcement action against banks and other financial institutions for violations of law, rules, and regulations, including cease and desist orders, written agreements, and financial penalties.

Love, a former IRS special agent, worked for more than a decade at Canada’s TD Bank and has more than 20 years of experience in financial crime risk management.

He will be responsible for leading and improving Customers Bancorp’s (NYSE: CUBI) compliance program in his new role.

Love will immediately work on strengthening the Bank Secrecy Act and anti-money-laundering protocols for the bank’s digital assets business, Customers Bancorp said in a statement.

(Source: Reuters)

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Jennifer Tacker
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies.