01:18 PM EDT, 08/08/2024 (MT Newswires) -- Customers Bancorp ( CUBI ) and its unit Customers Bank received an enforcement action from the Federal Reserve Board regarding alleged deficiencies in the bank's risk management practices and implementation of anti-money laundering rules.

Under the enforcement action, Customers Bancorp's ( CUBI ) board has to submit within 60 days a plan to strengthen oversight of the management and operations to comply with the Bank Secrecy Act and anti-money laundering requirements, a plan to improve risk management practices and a revised customer due diligence program.

Customers Bancorp ( CUBI ) shares fell 16% in recent trading Thursday.

Price: 45.56, Change: -8.67, Percent Change: -15.99