Fed announces two prohibitions, from workers at AL and TN banks (the latter a NY branch)

Two prohibitions, both the result of recent consent agreements, were made public against two bankers by the Federal Reserve Thursday: one for a former New York  worker, and the other for a former Alabama bank employee.

The Fed said Md Hasan Rabbany Joy, formerly of First Horizon Bank in Memphis — who had been a senior universal banker at a New York, N.Y., branch of the bank — was prohibited for embezzlement of bank funds. The agency alleged Joy, over about two months in late 2023, embezzled approximately $12,930 from the bank for his personal benefit, at times by processing and “promptly reversing unauthorized withdrawal tickets for bank customers.”

Meanwhile, the agency claimed James Woodward, formerly a commercial loan officer and relationship manager at NobleBank & Trust in Anniston, Ala., between November 2023 and April 2025, embezzled at least $26,000 from customer accounts for his personal benefit. The Fed also alleged he falsified customers’ signatures on loan documents and cashier’s check purchase slips.

Woodward has paid partial restitution to the bank, the Fed said; he no longer works at the bank and is no longer involved in banking.

Federal Reserve Board issues enforcement actions with former employee of First Horizon Bank and former employee of NobleBank & Trust