Customers Bancorp's (CUBI) stock plunged 16% after the Federal Reserve issued an enforcement action, citing significant deficiencies in the bank's risk management and compliance related to anti-money laundering and digital asset services. 

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The bank must submit a corrective plan within 60 days, addressing these concerns and improving oversight.

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The plan must include ways to improve risk management of CUBI's digital asset strategy; a system to control and ensure compliance with BSA/AML requirements; and policies, procedures, and controls to ensure the bank collects, analyzes, and keeps complete information for all customers, among other things, the Federal Reserve said.

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