Piermont Bank
A New York bank under a broad FDIC order since February 2024 over controls for its third-party relationships.
Piermont Bank is a state-chartered bank in New York, New York, supervised by the FDIC. Its consent order FDIC-23-0038b, dated February 27, 2024, cites inadequate internal controls and information systems for the bank’s third-party relationships, along with BSA, Regulation E and Regulation DD violations.
It requires a data and systems assessment of every third-party relationship, a review of the third-party program from due diligence to monitoring, and an overhaul of AML and compliance management. New or renewed third-party relationships need the board’s prior written approval. The FDIC had published no termination as of September 26, 2026.
- Country
- United States
- Primary federal regulator
- FDIC
- State regulator
- New York State Department of Financial Services
- Charter type
- State-chartered commercial bank, not a Federal Reserve member
- FDIC certificate number
- 59154
- Enforcement actions (regulator records)
Document Regulator Issued Status FDIC-23-0038b consent order (third-party relationships, BSA, consumer compliance) FDIC Feb 27, 2024 In force (no termination published) - Date checked
Questions
Is Piermont Bank under a consent order?
What does the Piermont Bank order require?
Who regulates Piermont Bank?
See also
- Sponsor-bank enforcement tracker
- Sutton Bank, whose order was made public the same day
- All sponsor banks
Sources
- FDIC consent order FDIC-23-0038b
- FDIC release, March 29, 2024
- Checked September 26, 2026.
Source: FDIC BankFind, the FDIC, OCC and Federal Reserve enforcement records and state regulators’ orders, plus partner announcements by the banks or fintechs, as linked in each profile. How we build and refresh profiles: methodology.