The Federal Reserve issues a cease-and-desist order against a bank president for alleged unsafe lending practices in Oklahoma.
The Federal Reserve Board issued a consent cease-and-desist order against Jason Burns, president and director of Bank of Eufaula and director of S N B Bancshares, Inc. The action targets alleged unsafe lending practices at the Oklahoma-based institutions.
The enforcement action follows a regulatory review but does not specify the exact nature or scale of the lending violations. No financial penalties were disclosed in the release. Bank of Eufaula and S N B Bancshares remain operational under existing management.
The order requires Burns to immediately halt the identified practices but does not restrict his continued service as president or director.