Former Alabama banker issued order of prohibition
Order of prohibition
The Federal Reserve Board has issued a Consent Order of Prohibition to Jacob Harrison, a former Regions Bank financial services specialist, having found that, between January 1 and July 6, 2017, while employed by Regions Bank, Harrison —
- originated at least 13 extensions of credit to Bank customers in which Harrison had knowingly inflated borrowers’ incomes in credit applications in order to make it appear that borrowers were more creditworthy than they actually were to obtain approval for the credit applications
- received incentive compensation from Regions tied to his origination of customer credit extensions, including those with falsely inflated applicant income;
- by originating those extensions of credit and accepting incentive compensation for them, engaged in an unsafe or unsound practice, and caused false entries to be made in the bank's records.
First published on: