Federal Reserve Board – Federal Reserve Board issues enforcement action and fines the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information

The Federal Reserve Board on Friday issued an enforcement action and fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information.

Confidential supervisory information includes reports of bank examinations and other confidential communications by banking regulators. It is illegal to disclose confidential supervisory information without prior approval of the appropriate banking regulator.

The Board’s action is being taken in conjunction with an action by the New York Department of Financial Services, the state supervisor of the bank’s New York branch. The penalties announced by the Board and the Department of Financial Services total approximately $32.4 million.

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