Fed bars former MD bank employee from future FI work

A former branch manager for Cecil Bank, Elkton, Md., who reportedly misappropriated nearly $45,000 in customer funds in 2017 was barred from future involvement in the affairs of any federally insured depository institution under a consent order announced Thursday by the Federal Reserve.

The Fed, in the order, said that Denise Calder, between July and December 2017, misappropriated funds from six customers’ accounts for her own benefit, caused a loss to the bank of $44,822 during this time, and “posed legal and reputational risks” to the bank. It also said Calder repaid the full amount, plus interest, as part of a settlement agreement with the bank.

Federal Reserve Board issues enforcement action with former employee of Cecil Bank