The Federal Reserve Board said Friday it terminated its enforcement action against United Texas Bank, a Dallas, Texas, lender whose controls for virtual currency clients came under scrutiny after a May 2023 examination by the Federal Reserve Bank of Dallas and the Texas Department of Banking. The Aug. 29, 2024, Cease-and-Desist Order required the Texas state-chartered bank and Federal Reserve System member to strengthen board oversight, overhaul its Bank Secrecy Act and anti-money-laundering compliance program, revise customer due diligence, and improve suspicious activity monitoring. The termination takes effect Sept. 2, 2026, after the order remained in place for nearly two years. Regulators also ended a July 2023 written agreement with Quontic Bank Acquisition Corp. and Quontic Bank Holdings Corp. The actions follow a period in which U.S. banking regulators have relaxed some crypto-related rules, including the Federal Reserve’s approval of Kraken Financial’s master account.