The Federal Reserve Bank of San Francisco and the Washington Department of Financial Institutions entered into a written agreement dated 21 October 2024 with U&I Financial Corp. and its subsidiary UniBank, both headquartered in Lynnwood, Washington, requiring the organisations to implement corrective actions in response to deficiencies identified in 2024 examinations, including a June 2024 consumer compliance examination. The Federal Reserve published the action on 24 October 2024.
U&I Financial Corp. is the bank holding company for UniBank, a Washington state commercial bank that has built its business serving the Korean-American community in the Seattle area. A written agreement is a formal enforcement action.
SCOPE OF THE CORRECTIVE ACTION REQUIREMENT
Federal banking law gives the Board authority to take formal enforcement action against bank holding companies and state member banks when deficiencies, unsafe or unsound practices or violations of law are identified. The agreement covers U&I Financial Corp. at the holding company level and UniBank at the subsidiary bank level.