The Federal Reserve Board announced Friday the termination of enforcement actions against UBS Group AG and several Credit Suisse entities, effective May 12, 2026.

The terminated actions include a cease and desist order dated July 21, 2023, that applied to UBS Group AG based in Zurich, Switzerland, Credit Suisse AG in Zurich, Credit Suisse Holdings (USA), Inc. in New York, and Credit Suisse AG's New York Branch.

The Federal Reserve issued the original enforcement actions in July 2023. The central bank provided no details regarding the reasons for the initial actions or the circumstances leading to their termination.

UBS Group (NYSE: UBS) completed its acquisition of Credit Suisse in June 2023 following Credit Suisse's financial difficulties and subsequent rescue by Swiss authorities.