A former manager of a Virginia Beach, Va., branch of SunTrust Bank (Atlanta, Ga.) who had staff honor her own overdrafts in violation of bank policy is barred from any future involvement in a federally insured financial institution, according to a consent order published Thursday.
The order, signed Tuesday by Alison Keefe and the Federal Reserve Board, says that between September 2017 and May 2018, Keefe repeatedly overdrew her personal checking account at the bank and instructed bank staff to honor the overdrafts “without authorization and contrary to Bank policies.” This misconduct “constituted unsafe or unsound banking practices and demonstrated a reckless disregard for the safety and soundness of the Bank,” the order says. The order says Keefe was fired from her job on July 12, 2018, and has repaid the bank for the improper overdrafts.
According to the order, Keefe also “acknowledges that no promise or representation has been made by the Board of Governors or any member, officer, employee, agent, or representative of the Board of Governors with regard to any criminal liability that may have arisen or may arise from the facts underlying this Order or immunity from any such criminal liability,” it states.
Federal Reserve Board issues enforcement action with former employee of SunTrust Bank