Fed issues prohibition order to former Oklahoma banker

The Federal Reserve Board has issued a consent order of prohibition to Brent H. Harness, a former institution-affiliated party of Simmons Bank, Benton, Arkansas.

The order indicates that Harness, between December 2018 and September 2019, while a community president of the bank at its Ardmore, Oklahoma, branch, Harness initiated multiple unauthorized advances on a commercial customer’s line of credit, transferred the proceeds from these advances to an unrelated customer’s account, and authorized multiple overdrafts on a customer’s account in excess of his authority, in violations of the bank's lending policy and violations of law or regulation, causing the bank to suffer a loss.