First Northwest Bancorp subsidiary enters FDIC consent order over consumer law violations

First Northwest Bancorp

First Fed Bank entered a consent order with the FDIC on November 21, 2023, effective immediately.
Order requires correcting violations of consumer protection laws within 30 days and implementing prevention procedures.
Bank must provide a list of all credit/deposit products and identify third parties; seek FDIC non-objection for new products or partners.
Board must oversee compliance management system, allocate resources, and furnish quarterly progress reports to the FDIC.
Company self-reported to FDIC in 2022 and does not anticipate a material effect on earnings or capital from compliance.

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