TMCnet News
The Bancorp Announces Release From Consent OrderThe Bancorp, Inc. (NASDAQ: TBBK), is pleased to announce that the Federal Deposit Insurance Corporation (FDIC), the prudential regulator of The Bancorp Bank (Bank), has terminated the 2014 consent order in reference to the Bank's Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Sanctions programs. The State of Delaware's Office of State Bank Commissioner concurred with the FDIC in taking this action. The Bancorp has made significant investments to create a sustainable AML compliance management ecosystem focused on technology, people, and processes. The core capabilities of the Bank's platform is tailored to the unique risks and opportunities in the sponsor bank arena. As a result of the termination of the consent order, any restrictions related to growth or expansionary activities within The Bancorp's Payments businesses are immediately removed. "The Bancorp is positioned to deliver a highly-scalable infrastructue that supports rapid-growth companies as we continue to reinvent the financial landscape with our partners," says Greg Garry, Executive Vice President and Chief Operating Officer. "Our integrated technology allows our partners to flourish without concerns about out-growing their supporting financial institution." "As a leader in the fintech industry, The Bancorp is committed to providing innovative solutions and technology platforms," says Damian Kozlowski, President and CEO. "Now, we can focus on empowering our payments partners by providing an industry-leading BSA/AML platform. I thank our regulators, namely the FDIC, for their close partnership and invaluable support as we worked to implement a model for other fintech sponsor banks." About The Bancorp The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company's subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include SBA National Preferred Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information please visit www.thebancorp.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200518005386/en/ |
