Federal Reserve Ends Enforcement Action on Farmington Bank Linked to SBF
The Federal Reserve has concluded its enforcement action against Farmington Bank, which had ties to Sam Bankman-Fried and the collapsed crypto exchange FTX, marking the end of the bank's operations.
- The Federal Reserve announced the termination of its enforcement action against Farmington Bank, initially imposed due to improper business model changes.
- Farmington Bank, once linked to Sam Bankman-Fried and FTX, has completed its wind-down plan and no longer operates as a bank.
- The enforcement action, in place since July 2023, aimed to protect the bank's depositors during its operational wind-down.
- Farmington Bank had attempted to innovate by issuing stablecoins, a move influenced by the changing regulatory environment in the crypto industry.
- The termination also includes enforcement actions against FBH Corporation, Farmington's holding company, and BNP Paribas.
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