The Federal Reserve Board said three enforcement actions against Small Business Bank and its parent are no longer active, with terminations effective Oct. 13 after the Lenexa lender closed on July 17. The terminated actions were a Sept. 1, 2023 cease-and-desist order against the bank and Gardner Bancshares, Inc., a Nov. 13, 2024 order against the bank, and a June 29, 2026 prompt corrective action directive, and the Fed did not explain the terminations. The Kansas Office of the State Bank Commissioner tied the closure to ongoing operating losses, and the FDIC was appointed receiver. The Farmers State Bank of Oakley took over nearly all deposits, while the bank held $73 million in assets and about $69 million in deposits at March 31, 2026. The FDIC estimates the failure will cost the Deposit Insurance Fund about $5.7 million, subject to revision as it sells retained assets.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on econotimes.com ↗
Related news
- Federal Reserve Board announces termination of enforcement actions with Gardner Bancshares, Inc. and Small Business Bank
On October 16, 2026, the Federal Reserve Board announced the termination of enforcement actions against Gardner Bancshares, Inc. and Small Business Bank, both based in Lenexa, Kansas. Three actions were terminated on October 13, 2026: a cease and desist order dated September 1, 2023, which covered both entities, a cease and desist order dated November 13, 2024, against Small Business Bank, and a Prompt Corrective Action dated June 29, 2026, also against Small Business Bank.
- Fed Ends Enforcement Actions Against Gardner Bancshares , Small Business Bank
The Federal Reserve Board has announced the termination of three enforcement actions against Gardner Bancshares, Inc. and Small Business Bank, both based in Lenexa, Kansas. The actions include cease and desist orders dated September 1, 2023 and November 13, 2024, and a prompt corrective action dated June 29, 2026. All three were terminated on October 13, 2026.
- What the Federal Reserve actually does
The Federal Reserve is the central bank of the United States, created by Congress in 1913 after a series of banking panics. Its dual mandate is maximum employment and stable prices, with stable prices defined since 2012 as 2% annual inflation measured by the PCE index. The Federal Open Market Committee, with twelve voting members, meets eight times a year to set the federal funds rate, its main tool; raising rates slows borrowing and inflation but risks recession, while cutting rates supports jobs but may lift inflation. During the 2008 crisis and the 2020 pandemic, the Fed bought Treasury and mortgage-backed securities to push down long-term rates, and it also serves as lender of last resort, bank supervisor and operator of payment systems such as FedNow, launched in 2023. It does not set tax or spending policy and cannot target individual prices like gas or groceries.
- Recent Federal Reserve Messaging Draws Dovish Interpretations
- Federal Reserve Releases Latest Industrial Production and Capacity Utilization Data
The Federal Reserve said the latest G.17 data on industrial production and capacity utilization are now available. The monthly statistical release covers U.S. industrial output and capacity utilization, and can be accessed via the Industrial Production and Capacity Utilization - G.17 page on the Federal Reserve Board's website.
- Dr . Christina Romer On The Federal Reserve Biggest Challenges
Christina Romer, who chaired President Obama’s Council of Economic Advisers from 2009 to 2010, will deliver the 2026 Clemens Lecture on Monday at 7:00 p.m. at the College of St. Benedict in St. Joseph, titled “The Federal Reserve Under Pressure: Extraordinary Challenges and Limited Options.” She says the Fed faces persistent inflation, a large and growing budget deficit, pressure from policymakers, and threats from AI. During the Obama administration, she was one of four economic experts who met with the president daily to guide the response to the Great Recession.
Related markets
Latest news
- JPMorgan Backs Two Defense Startups With $5 Billion
JPMorgan has already committed half of its $10 billion investment pool to hypersonic-missile maker Castelion and defense manufacturer Hadrian. The bet reflects America's push to rebuild its defense industrial base.
- X-Energy, Amazon, AEP Partner To Evaluate Feasibility Of 960 MW Nuclear Project In Indiana – A Look At The Key Highlights
X-energy and American Electric Power (AEP) announced a joint development agreement to evaluate the feasibility of a proposed 960-megawatt small modular reactor project in Indiana, with Amazon supporting development through a milestone-based funding agreement. The plant would feature 12 Xe-100 units near the former Breed Generating Station in Sullivan County, redeveloping an AEP-owned brownfield site. It is the second commercial project under the X-energy and Amazon collaboration, which aims to bring more than 5 gigawatts of new nuclear capacity to the U.S. grid by 2039. At the time of writing, XE was up 2%, AMZN gained 3.75%, and AEP fell 1.13%.
- Waymo Will Be “a Trillion Dollar Business. Easy” per VC Investor
Bessemer Venture Partners' Sameer Dholakia says Waymo could become a trillion-dollar business by expanding from ride-hailing into personal car ownership, trucking and logistics. The article notes Bessemer invested in Waymo's $16 billion February round, which valued the company at $126 billion. Waymo reached 500,000 paid rides a week in March, but Sacra estimates its annualized revenue at only $355 million in February, under 0.1% of Alphabet's $403 billion in 2025 revenue. Alphabet trades at 25.0x forward earnings, within its usual range, while Uber trades at 18.2x, a level analyst Walter Piecyk links to the threat from Waymo and Tesla's Robotaxi.
- Jensen Huang Declares NVIDIA Can Win “in the Absence of Any AI Labs”
NVIDIA CEO Jensen Huang said on the BG2 podcast that about a third of the business, classical computing unrelated to AI labs, is growing 30% to 40% a year, while frontier labs account for roughly 25% to 30% of compute. In the three months to July 26, 2026, revenue rose 106% to $96.2 billion, with AI clouds, industrial and enterprise revenue up 138%. Steve Eisman cited a 10-Q line showing 70% of NVIDIA's accounts receivable comes from five customers, though the article notes receivables are not the same as revenue share. NVIDIA trades at 17.7x forward earnings, near its three-year low of 17.5x and well below its 30.3x average.
- AWS Margin Expansion and Retail Execution Power Amazon (AMZN) in Q3
Wedgewood Partners reported that its Wedgewood Composite returned 2.5% net in the third quarter of 2026, compared with 2.3% for the S&P 500 and 0.9% for the Russell 1000 Growth. In its investor letter, the firm named Amazon a leading contributor, citing AWS revenue growth accelerating to 37% from 17% a year earlier and a 63% rise in the segment's operating income. AWS backlog of around $500 billion is more than double last year's level and up 37% from 90 days earlier, and Wedgewood said this demand supports a plan to double AWS capacity from circa 2025 levels by 2027. Advertising grew 26% and generated over $75 billion in revenue over the past 12 months. As of October 16, 2026, Amazon closed at $250.00, with a market capitalization of $2.7 trillion and a 21.22% gain over the past year.
- Bitcoin is rejected at $83K as US bond yields reverse higher with equities
Bitcoin failed to follow rising equities as a wall of sell orders above $83,000 across exchanges capped gains, and BTC slipped below $82,000 after Monday's Wall Street open. The Nasdaq Composite gained 1.5% and South Korea's KOSPI rose 1.76% to 5,768 points, while the US 10-year yield climbed to 5.13% and the 30-year to 5.46%, moving in step with stocks ahead of major tech earnings from Meta, SpaceX and Tesla. QCP Capital warned that a repeat of last week's tech sell-off could threaten the $80,000 support level. Crypto liquidations totaled $335 million over 24 hours, and the Binance whale ratio fell to 0.45 from 0.54 at the start of October.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.