M&T Bank has been released from an enforcement action that had required the Buffalo, N.Y., company to spend more than $400 million to upgrade its anti-money-laundering compliance systems.
The Federal Reserve Board on Tuesday terminated its June 2013 written agreement with the $121 billion-asset company, according to a news release. The Fed had required M&T to improve compliance as a condition for approving its October 2015 acquisition of Hudson City Bancorp in Paramus, N.J. M&T waited more than three years for regulators to approve the Hudson City deal.
Access to authoritative analysis and perspective and our data-driven report series.
14-Day Free Trial
No credit card required. Complete access to articles, breaking news and industry data.