A consent order to cease and desist has been executed with a bank employee of First Savings Bank, Jefferson, Ind., related to that individual’s supervision of the bank’s loan production office in Louisville, Ky., according to a Federal Reserve release Tuesday.
The Fed said Weldon Riggs, while employed in 2018 as the bank’s director of wholesale lending, engaged in unsafe and unsound banking practices in connection with his supervision of the Louisville loan production office by permitting the unauthorized management of that office by an individual (branch manager) whom the bank had declined to hire; and providing the branch manager with unauthorized access to bank computer equipment and electronic credentials reserved for bank employees.
Federal Reserve Board issues enforcement action with employee of First Savings Bank