WASHINGTON, D.C. – August 13, 2026 (STL.News) Regions Bank – The Federal Reserve Board has prohibited a former Regions Bank employee from participating in the banking industry after alleging she knowingly cashed counterfeit or fraudulent checks as part of a broader check-fraud ring that caused the bank more than $396,000 in losses.
The Board of Governors issued an Order of Prohibition against Elazia Jones, a former relationship banker at Regions Bank’s Hickory Ridge branch in Memphis, Tennessee. The order was issued upon Jones’ consent under Section 8(e) of the Federal Deposit Insurance Act.
According to the Federal Reserve order, Jones worked as a relationship banker at the Hickory Ridge branch until Regions terminated her employment on November 1, 2024.
The regulator alleges Jones knowingly cashed counterfeit or fraudulent checks in exchange for personal benefits, including cash. The transactions were part of what the Federal Reserve described as a broader check-fraud ring responsible for losses exceeding $396,000 to Regions Bank.
Federal Reserve imposes banking industry prohibition.
The enforcement action significantly restricts Jones’ ability to work for or participate in the affairs of federally regulated financial institutions.
Under the order, Jones is prohibited, without prior written regulatory approval, from participating in the affairs of an insured depository institution, a holding company of an insured institution, and certain other financial organizations covered by federal banking law.
The prohibition also prevents her from serving or acting as an institution-affiliated party, including as an officer, director, or employee, at institutions covered by the order.
Jones is additionally prohibited from certain activities involving voting rights and proxies at covered financial institutions.
The Federal Reserve’s Office of Inspector General has described Section 8(e) removal and prohibition orders as an industry-wide remedy designed to protect the banking system by preventing individuals subject to such orders from participating in the affairs of insured depository institutions.
The Jones order remains effective unless it is expressly stayed, modified, terminated, or suspended in writing by the Federal Reserve Board.
Jones did not admit or deny the allegations.
The consent order contains an important distinction concerning the allegations against Jones.
Jones agreed to the enforcement action without admitting or denying the allegations made or implied by the Federal Reserve. The matter was settled before a formal proceeding, testimony, or adjudication of the factual and legal issues outlined in the order.
By consenting, Jones waived several procedural rights, including the right to a hearing to take evidence concerning the matters in the order and the right to seek judicial review of the order.
The order also states that Jones waived the right to challenge or contest its basis, issuance, terms, validity, effectiveness, or enforceability.
Any violation of the prohibition could expose Jones to separate civil or criminal penalties under the Federal Deposit Insurance Act, according to the Federal Reserve.
The Board’s order is dated August 5, 2026.
Federal Reserve cites personal dishonesty.
In describing the basis for its action, the Federal Reserve alleged Jones’ conduct constituted violations of law or regulation, unsafe or unsound banking practices, or breaches of fiduciary duty.
The regulator further alleged the conduct involved personal dishonesty or willful or continuing disregard for the safety and soundness of Regions Bank.
The prohibition does not necessarily prevent other federal or state authorities from taking separate action affecting Jones.
However, the order states that the Federal Reserve will not take further action against Jones concerning matters addressed by the order based on facts presently known to the Board. The regulator retains authority to ensure compliance with the order and to enforce it.
The Federal Reserve order itself does not announce criminal charges against Jones, and the enforcement action should not be characterized as a criminal conviction.
Regions Bank is a major U.S. regional bank
Regions Bank is headquartered in Birmingham, Alabama, and is the primary banking subsidiary of Regions Financial Corp. (NYSE: RF).
Regions Financial is an S&P 500 company and one of the country’s larger providers of consumer and commercial banking, wealth management and mortgage products and services. The company operates primarily across the South, Midwest and Texas.
As of its second-quarter reporting period, Regions Financial reported approximately $161 billion in assets. The company said it operates more than 1,200 banking offices and more than 1,750 ATMs through Regions Bank.
Regions reported second-quarter 2026 net income of $549 million and diluted earnings of 64 cents per share. Adjusted earnings were $583 million, or 68 cents per diluted share.
The enforcement action announced by the Federal Reserve targets Jones individually, as a former Regions employee. The order does not accuse Regions Bank or Regions Financial Corp. of participating in the alleged check-fraud scheme.
Order remains in force unless regulators change it
Jones would need prior written approval from the Federal Reserve Board — and, when required, from another appropriate federal financial institution regulator — before engaging in activities prohibited by the order.
That restriction extends beyond simply obtaining another job at a bank. It covers serving as an officer, director, or employee at covered institutions and participating in certain voting and governance activities.
The Federal Reserve has used prohibition orders in other cases involving alleged misconduct by bank employees and executives. In May, for example, the Board announced a consent prohibition order against a former Commerce Bank employee for fraudulent customer transactions.
The Jones case is listed as Docket No. 26-033-E-I.
Unless the Federal Reserve subsequently issues a written order to stay, modify, terminate, or suspend the order, its provisions remain fully effective and enforceable.
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