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7/25/24, 11:01 AM FRB: Press Release--Orders to Cease and Desist and Assessment of a Civil Money Penalty and Monetary Payment against Credi… Joint Press Release Board of Governors of the Federal Reserve System New York State Banking Department For Immediate Release March 10, 2004 The Federal Reserve Board and New York State Banking Department today announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalty and Monetary Payment against Credit Agricole, S.A., Paris, France, and its affiliates in Paris, Credit Agricole Indosuez and Credit Lyonnais, S.A., and its offices and affiliates in New York, the New York branches of Credit Agricole Indosuez and Credit Lyonnais, S.A. The Order assesses fines totaling $13 million. The Order addresses deficiencies in the operational controls, risk management, and compliance with laws and regulations by the New York branch of Credit Agricole Indosuez. The Order resolves allegations that Credit Agricole, S.A., Credit Agricole Indosuez, and the New York branch of Credit Agricole Indosuez failed to fully comply with a Written Agreement entered into with the Federal Reserve and the New York State Banking Department in November 2000; failed to maintain accurate and complete books and records for the operations of the New York branch of Credit Agricole Indosuez; and violated New York State law relating to the banks' obligation to maintain accurate books and records and to submit reports to the New York State Banking Department. The joint Order includes Credit Lyonnais, S.A., and the New York branch of Credit Lyonnais, S.A., because Credit Agricole, S.A., plans to reorganize its U.S. operations and consolidate certain business operations of its affiliates' New York branches through the New York branch of Credit Lyonnais, S.A. Credit Agricole, S.A., and its affiliates, without admitting to any allegations, consented to the issuance of the Order. Credit Agricole, S.A., Credit Agricole Indosuez, and the New York branch of Credit Agricole Indosuez were assessed $10 million in fines under the joint Order. They will pay $5 million to the U.S. Department of the Treasury (through the Board of Governors) and $5 million to the state of New York under applicable federal and state laws. Credit Agricole, S.A., also agreed to pay a $3 million fine to the Board of Governors to resolve allegations that Credit Agricole, S.A., acquired certain shares of Credit Lyonnais, S.A., and Credit Lyonnais Securities (USA), Inc., in 2002, without prior Federal Reserve approval as required by the Bank Holding Company Act. The Board will remit this fine to the U.S. Department of the Treasury. A copy of the joint consent Order is attached. Attachment (440 KB PDF) 2004 Enforcement actions https://www.federalreserve.gov/boarddocs/press/enforcement/2004/20040310/default.htm 1/2 7/25/24, 11:01 AM FRB: Press Release--Orders to Cease and Desist and Assessment of a Civil Money Penalty and Monetary Payment against Credi… Home | News and events Accessibility Last update: March 10, 2004 https://www.federalreserve.gov/boarddocs/press/enforcement/2004/20040310/default.htm 2/2