After years of witnessing Miami banks receive various strictures from regulators, City National Bank of Florida received a rare endorsement Thursday: The U.S. Office of the Comptroller of the Currency released it from the formal 2010 agreement that demanded City National correct “unsafe and unsound banking practices.”
When the Great Recession hit, virtually every financial institution in the region suffered from the fallout, and the result was a wave of regulatory crackdowns that included cease-and-desist orders as well as formal agreements like the one entered against City National on April 19, 2010.
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