The Federal Reserve announced a ban on two former First Horizon bankers due to alleged fraudulent activities. One former banker reportedly obtained customer data and provided it to a third-party impersonator, who then initiated fraudulent wire transfers.
The other former banker allegedly used customer data to incur $25,000 in debit charges. These actions led to the Federal Reserve's decision to prohibit them from working in the banking industry.
This regulatory action underscores the importance of internal controls and ethical conduct within financial institutions. While the individuals are former employees, such incidents can impact public trust and regulatory scrutiny of the banking sector.
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