Skip to content

Illinois banker fined for taking loans to new employer

Barrington, IL
05/22/2018
Fine Amount: 
$7,500
Penalty Type: 
Issued by: 

Stacy Folkers, formerly a residential loan originator at Barrington Bank & Trust Company, N.A., Barrington, Illinois, consented with the OCC to the issuance of an Order to Cease and Desist and to pay a $7500.00 civil money penalty. The Comptroller found, and Folkers neither admitted nor denied, that:

From January to February 2015, while she was a bank employee, Folkers sent records related to 24 actual or prospective bank customers to a competitor financial institution where she had accepted a position. Folkers obtained records and signatures from these customers in order to close their loans at the competitor financial institution. At least six of those customers obtained a combined $1.14 million in mortgages from that institution. Folkers diverted the loan opportunities even though her employment agreement with the bank prohibited soliciting business to a competitor, disclosing loan application information to a third party, and working as an agent for another lending business.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Penalties