Federal Savings Bank, whose former CEO was convicted in scheme to land Trump appointment, reined in for ‘unsound’ practices

Federal Savings Bank of Chicago, the mortgage lender that convicted former CEO Stephen Calk attempted to leverage for an unsuccessful shot at a Trump administration post, has agreed to stricter oversight after regulators found “unsafe or unsound practices.” The Office of the Comptroller of the Currency, which oversees federally chartered banks, is requiring the bank’s board to form a three-member compliance committee to adopt and implement “corrective actions” related to risk management, consumer compliance and bank secrecy. The agreement, dated Oct. 29, was published online Thursday by the OC...