NCUA Issues Two Prohibition Orders, One Notice in May 2022
The National Credit Union Administration issued two prohibition orders and one notice of prohibition in May. These individuals are prohibited from participating in the affairs of any federally insured depository institution.
Order of Prohibition:
Vanessa Fletcher, a former employee of Alaska USA Federal Credit Union in Anchorage, Alaska, agreed and consented to the issuance of a prohibition order and agreed to comply with all its terms to settle and resolve the NCUA Board’s claim against her.
Susan Romero, a former employee of Winslow Santa Fe Credit Union in Winslow, Arizona, agreed and consented to the issuance of a prohibition order and agreed to comply with all its terms to settle and resolve the NCUA Board’s claim against her.
Notice of Prohibition:
Diamond Hamilton, a former employee of Suncoast Credit Union in Tampa, Florida, was sentenced in U.S. District Court, Middle District of Florida, on charges of bank fraud and aggravated identity theft in connection with her employment at the credit union.
Administrative orders are formal enforcement orders issued by the NCUA pursuant to Section 206 of the Federal Credit Union Act. Generally, the NCUA issues administrative orders when it finds that a credit union or persons affiliated with a credit union have violated a law, rule or regulation, breached a fiduciary duty, or engaged in an unsafe or unsound practice.
The three most common orders issued by the NCUA include:
An Order to Cease and Desist, which requires a party to take action (or refrain from taking action), including making restitution;
An Order of Prohibition, which prohibits a party from ever working for a federally insured depository institution; and
An Order Assessing Civil Money Penalties.
NCUA also issues Notices of Prohibition, which is a notification that a person has been convicted of a criminal offense involving dishonesty or breach of trust and is barred from working for a federally insured depository institution by operation of law.
Agency enforcement orders and notices are searchable by name, institution, city, state, and year at the NCUA’s Administrative Orders webpage. The webpage also provides links to the federal enforcement actions of federal banking agencies against other institutions or their affiliated parties.