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7/25/24, 10:23 AM FRB: Press Release -- Cease and Desist Order and Civil Money Penalty against U.S. Trust Corporation -- July 13, 2001 Board of Governors of the Federal Reserve System New York State Banking Department Release Date: July 13, 2001 For immediate release The Federal Reserve Board and the New York State Banking Department today announced the joint issuance of a combined consent Order to Cease and Desist and an Assessment of a Civil Money Penalty and Monetary Payment against U.S. Trust Corporation, a bank holding company, and its subsidiary, the United States Trust Company of New York, a state-chartered bank. U.S. Trust Corporation and the United States Trust Company of New York, without admitting to any allegations, consented to the issuance of the Order in connection with alleged violations and deficiencies relating to the lack of internal controls and procedures and inadequate compliance with the Bank Secrecy Act, and relating to the failure to maintain accurate and complete books and records in connection with the operations and activities of the Strategic Trading Group of the bank. U.S. Trust Corporation and the United States Trust Company of New York are paying to the Board a civil money penalty in the amount of $5 million and are making a $5 million monetary payment to the State of New York. A copy of the Order is attached. Attachment (502 KB PDF) 2001 Enforcement actions Home | News and events Accessibility Last update: July 13, 2001 https://www.federalreserve.gov/boarddocs/press/enforcement/2001/20010713/default.htm 1/1