Former MO bank employee barred from future FI service

A former field marketing manager for Rabo AgriFinance LLC (Chesterfield, Mo.), a nonbank subsidiary of foreign financial holding company Cooperatieve Rabobank U.A., has been barred from future service in any federally insured financial institution under a consent order announced Tuesday by the Federal Reserve.

In the order, the Fed said the former employee, Erica Rachal, from May 2017 through her termination in October 2020 (pursuant to a restructuring) submitted and was reimbursed for duplicate expense reports, submitted and was reimbursed for multiple expense reports for the same expense item (or items) where the final price changed from that originally submitted, and failed to repay the institution for canceled, discounted, or refunded expense items for which she had previously been reimbursed.

It said Rachal’s actions caused a loss to Rabo in the amount of “at least” $64,000, for which she separately has made full restitution.

Federal Reserve Board issues enforcement action with former employee of Rabo AgriFinance LLC