Fed Orders China's ICBC To Revamp NY Branch Risk Function
By Al Barbarino (November 16, 2021, 7:23 PM EST) -- The Federal Reserve has ordered the Industrial and Commercial Bank of China to overhaul the internal risk management controls at its New York City branch office, after an examination revealed a range of risk and credit monitoring deficiencies, according to an agreement announced Tuesday.
Beijing-based ICBC has 60 days from the Nov. 4 agreement to submit written plans on how it intends to fix the deficiencies, including problems with senior management's oversight of the branch's risk function, which the Fed said were uncovered during examinations conducted by the Federal Reserve Bank of New York.
The Chinese state-owned bank must submit plans showing...
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