Flagstar Bancorp in Troy, Mich., has been freed from a consent order.
The $14.3 billion-asset company said in a press release Tuesday that the Office of the Comptroller of the Currency terminated its 2012 consent order with its Flagstar Bank on Monday. The bank was released after implementing best practices tied to regulatory compliance, enterprise-risk management, capital and liquidity, Flagstar said.
The termination "represents our team's successful efforts to create a solid risk management organization, strengthen our balance sheet and improve Flagstar's financial performance," Alessandro DiNello, Flagstar's president and CEO, said in the release. "This action reflects our success in building a broader, more stable and less risky business model that can deliver industry leading results."
