March 26, 2018

Federal Reserve Board announces it is seeking to fine, permanently bar 2 former Regions Bank employees from banking industry

For release at 2:30 p.m. EDT

The Federal Reserve Board on Monday announced that it is seeking to permanently bar Nathaniel Frazier and Jeffrey Garrison, former employees of Regions Bank, Birmingham, Alabama, from employment in the banking industry and to impose a fine of $18,936 against Frazier and $9,468 against Garrison.

Frazier, a former branch manager at Regions Bank, and Garrison, a former financial services specialist at Regions Bank, are alleged to have made false entries in Regions Bank's records, by improperly inflating credit applicants' reported income and, in Garrison's case, opening credit card accounts without customer authorization. The Federal Reserve Board's enforcement action alleges that Frazier's and Garrison's conduct constituted violations of law and unsafe or unsound banking practices.

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Last Update: March 26, 2018