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OTS lifts order against commercial lender Brookline Bancorp | The Commercial Finance Blog

OTS lifts order against commercial lender Brookline Bancorp

by LJ Miehe on August 11, 2009

Business Jounral, Boston – Bank regulators lifted a months-long cease-and-desist order levied against a commercial lending unit of Brookline Bancorp. Inc. accused of maintaining inadequate anti-money laundering and other record keeping policies.

In February, the Office of Thrift Supervision issued the order against Eastern Funding LLC, a lender focused on coin-operated laundromats, small groceries, dry cleaners and parking lots. Eastern Funding accounts for less than 10 percent of the total assets of Brookline Bancorp, the parent of Brookline Bank.

The order required Eastern Funding and the indirect automobile-lending department of the bank to conduct a thorough risk assessment of its bank secrecy and anti-money laundering programs, for example.

In a prepared written statement issued late Monday, OTS said Eastern Funding and the bank “performed the actions required as specified” in the original order. “Effective Aug. 7, 2009, the OTS issued an order terminating in its entirety their order to cease and desist that went into effect on Feb. 20, 2009.”

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