The Federal Reserve Board on Tuesday announced the issuance of a consent Notice of Prohibition against Charles Kushner, an institution-affiliated party of The NorCrown Trust, an unregistered bank holding company that owns or controls the shares of the NorCrown Bank, Livingston, New Jersey, a state nonmember bank.
A Notice of Prohibition is issued under a provision of the Federal Deposit Insurance Act that authorizes the Federal Reserve and other bank regulators to limit the activities of bank officials who have been charged with criminal offenses pending the resolution of the charges.
The Board's action against Mr. Kushner has been coordinated with the U.S. Attorney's Office for the District of New Jersey.
A copy of the Notice of Prohibition is attached.
Attachment (717 KB PDF)