NCUA Prohibits Three Individuals from Participating in the Affairs of Any Federally Insured Depository Institution

The National Credit Union Administration issued three prohibition notices in August 2023. The individuals named below are permanently prohibited from participating in the affairs of any federally insured depository institution.

• Amy Bradley, a former employee of Citizens Credit Union and First Community Credit Union in Jamestown, North Dakota.

• Whitney Phillips, a former employee of Mississippi Central Federal Credit Union in Morton, Mississippi.

• Melissa Velazquez, a former employee of Financial Resources Federal Credit Union in Bridgewater, New Jersey.

An Order of Prohibition prohibits a party from ever working for a federally insured depository institution.

In addition to Orders of Prohibition, the NCUA, on occasion, issues administrative orders, which are formal, legally enforceable orders issued 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.

Agency enforcement orders and notices are searchable by name, institution, city, state, and year on 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.