On 19 May 2014, the Federal Reserve Board announced that Credit Suisse will  pay a $100 million penalty for unsafe and unsound practices and failure to comply with the federal banking laws governing its activities in the United States. The Federal Reserve Board also issued a cease and desist order requiring Credit Suisse promptly to address deficiencies in its oversight, management and controls governing compliance with US laws. This action is taken in conjunction with actions by the Department of Justice and the New York State Department of Financial Services for violations of the federal income tax laws and variousNew York State laws. The penalties issued by the agencies total $2.6 billion.

The full text of the Cease and Desist Order issued by the Federal Reserve Board is available at:

http://www.federalreserve.gov/newsevents/press/enforcement/enf20140519a1.pdf.

The full text of the Federal Reserve Board press release announcing the penalty against Credit Suisse is available at:

http://www.federalreserve.gov/newsevents/press/enforcement/20140519a.htm.