September 05, 2017

Federal Reserve Board prohibits former employee at Regions Bank from participating in the banking industry

For release at 11:00 a.m. EDT

The Federal Reserve Board on Tuesday announced it is prohibiting Daniel X. Brennan, a former Mortgage Production Manager at Regions Bank, Birmingham, Alabama, from participating in the banking industry after determining he engaged in improper practices regarding residential mortgage origination.

The Board found Brennan engaged in unsafe and unsound practices, or breached his fiduciary duties to Regions Bank, by making payments by personal check to a Regions Bank loan processor who processed and approved certain mortgage loans originated by Brennan in violation of Regions' policies. Brennan consented to the enforcement action by the Federal Reserve.

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