FDIC Enforcement Actions Released for May 2023

Last Friday, the FDIC released its list of administrative enforcement actions against bankers and individuals in May of this year. The release outlined four enforcement actions consisting of two orders of prohibition, one consent and personal consent order, and one order to pay a civil money penalty.

Interestingly, the civil money penalty was ordered against an individual officer of the bank. The enforcement action orders Brenda Faye Barnes, of FNB Bank, now known as Cadence Bank in Tupelo MS, to pay a $10,000 civil money penalty and to cease and desist after a determination. She has neither admitted nor denied that in 2018, in her capacity as executive vice president of FNB Bank, she engaged in unsafe or unsound banking practices and breached her fiduciary duty to the bank by routinely paying items presented against the overdrawn account of a large deposit/borrower customer without sufficiently inquiring as to the origins of the deficits or the impact of the payment upon the bank.

You can find the details for each of May’s FDIC enforcement actions here.

If you’d like to dig into other recent enforcement actions, start here.