July 28, 2011 -- The Federal Reserve Board announced the issuance of a joint consent cease and desist order by and among The Royal Bank of Scotland Group plc, Edinburgh, Scotland (RBS Group), a registered bank holding company, and The Royal Bank of Scotland plc, Edinburgh, Scotland (RBS plc), a foreign bank, and its branches in New York and Connecticut. The order also applies to The Royal Bank of Scotland N.V. (RBS N.V.), Amsterdam, The Netherlands, a foreign bank, and its branches in New York and Illinois. In addition to the Federal Reserve Board, the order is being issued by the New York State Banking Department, the State of Connecticut Department of Banking, and the State of Illinois Department of Financial and Professional Regulation. The order requires the RBS Group to improve its oversight of its U.S. operations.
Read more