The Federal Reserve Bank of Philadelphia has lifted the Order to Cease and Desist placed on Carver Bancorp, Inc. by the Office of Thrift Supervision in 2011. The order, which required Carver to boost its Tier 1 capital and total risk-based capital ratios, came in the aftermath of the housing downturn and the recession. "The Federal Reserve Bank's action is the latest milestone in our extensive effort to restore the financial strength of our institution," said Michael Pugh, Carver Bancorp president and CEO. "We are pleased to put this chapter in our organization's history behind us, and we are extremely thankful for the ongoing commitment of our stockholders, customers and community partners."