Washington Federal Bank, N.A. Announces Termination of AML/BSA Consent Order

Rhea-AI Summary

Washington Federal Bank, also known as WaFd Bank, announced that the Office of the Comptroller of the Currency (OCC) has terminated the February 2018 consent order related to Anti-Money Laundering and Bank Secrecy Act deficiencies, effective December 17, 2021. CEO Brent Beardall highlighted the achievement as a validation of the team's efforts to enhance their compliance program. The bank operates 219 branches across several states, primarily engaging in deposit acceptance and various loan types.

Positive

• Termination of the OCC consent order indicates improved compliance with AML/BSA regulations.
• Demonstrates successful implementation of an effective AML/BSA program.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- Washington Federal Bank, N.A., dba WaFd Bank, (“WaFd Bank”), subsidiary of Washington Federal, Inc. (NASDAQ: WAFD) (“Washington Federal”) today announced that the Office of the Comptroller of the Currency (“OCC”) has terminated the February 2018 consent order issued against WaFd Bank for Anti-Money Laundering and Bank Secrecy Act (“AML/BSA”) deficiencies (“Consent Order”), effective December 17, 2021.

“Our team has worked diligently to implement an effective AML/BSA program and the termination of the Consent Order is validation of their hard work,” said Brent Beardall, President and CEO of WaFd Bank. “We wish to thank the OCC and its representatives for their guidance throughout the process of enhancing our AML/BSA program to meet the requirements of the Consent Order.”

About Washington Federal, Inc.

Washington Federal, Inc. is the parent company of WaFd Bank, a national bank with business consisting primarily of accepting deposits from the general public and investing these funds in loans of various types, including first lien mortgages on single-family dwellings, construction loans, land acquisition and development loans, loans on multi-family, commercial real estate and other income producing properties, home equity loans and business loans. WaFd Bank also invests in certain United States government and agency obligations and other investments permitted by applicable laws and regulations. As of September 30, 2021, WaFd Bank has 219 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Through WaFd Bank’s subsidiaries, Washington Federal is also engaged in insurance brokerage activities.

Forward-Looking Statements and Factors that Could Affect Future Results

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Washington Federal’s 2020 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This press release contains statements about the Washington Federal’s future that are not statements of historical fact. These statements are “forward looking statements” for purposes of applicable securities laws and are based on current information and/or management's good faith belief as to future events. The words “estimate,” “believe,” “expect,” “anticipate,” “project,” and similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, which change over time; and actual performance could differ materially from those anticipated by any forward-looking statements. In particular, any forward-looking statements are subject to risks and uncertainties related to the COVID-19 pandemic and the resulting governmental and societal responses. Washington Federal undertakes no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005155/en/

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

brad.goode@wafd.com

Source: Washington Federal, Inc.

FAQ

What does the termination of the OCC consent order mean for WAFD?

It signifies that WaFd Bank has improved its compliance with Anti-Money Laundering and Bank Secrecy Act requirements.

When was the OCC consent order terminated for WAFD?

The consent order was terminated effective December 17, 2021.

Who is the CEO of WAFD Bank?

Brent Beardall is the President and CEO of WaFd Bank.

How many branches does WAFD operate?

WAFD operates 219 branches across several states.

What type of services does WAFD Bank provide?

WaFd Bank primarily accepts deposits and offers various types of loans, including mortgages and business loans.