The FDIC Enforcement Decisions and Orders (ED&O) contains the full text of the formal enforcement actions against financial institutions that are regulated by the FDIC or against their affiliated parties. The ED&O is updated on a monthly basis.
The fist order to Cease and Desist issued by the FDIC to First Vietnamese American Bank was issued on 12/22/2006. The Bank opened its doors in mid 2005 to great fanfare. The second order to Cease and Desist (15 pages long) issued by the FDIC to First Vietnamese American Bank was issued on 01/29/2009 just 25 months later. The FDIC and the CDFI (Calfirornia Department of Financial Institutions considered the matter and determined that they had reason to believe that the Bank had engaged in unsafe or unsound banking practices. The FDIC and the CDFI, therefore, accepted the CONSENT AGREEMENT and issued the following: http://www.fdic.gov/bank/individual/enforcement/2009-02-42.pdf
