Fed bars three permanently from banking industry for ‘unsafe, unsound practices’

Three individuals from three different states were barred permanently from the banking industry for engaging in separate unsafe and unsound practices, the Federal Reserve said Friday.

In a release, the Fed said that Lowell W. McCoy of Maryland, Angela Asbell of Oklahoma, and Jacob Harrison of Alabama were subject to the actions.

The Fed said that McCoy, a former member of the board of directors of NBRS Financial, Rising Sun, Md., obtained loans from the institution through a third-party borrower to circumvent applicable lending limits and did not disclose the true purpose of the loans.

Asbell, the Fed said, a former cashier at First State Bank in Commerce, Okla., permitted a bank customer to overdraw his account by approximately $1.2 million, and failed to properly process customer wire transfers and transactions affecting her personal account.

Harrison, a former financial services specialist at Regions Bank, Birmingham, Ala., made false entries in the bank’s records by originating extensions of credit with falsely inflated applicant income, the Fed said.

All three individuals consented to the Fed’s orders, and agreed to comply with the orders’ provisions.

Federal Reserve Board permanently bars Lowell W. McCoy, Angela Asbell, and Jacob Harrison from banking industry for engaging in separate unsafe and unsound practices

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