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

The National Credit Union Administration issued two prohibition notices and one consent order in March 2024. The individuals named below are permanently prohibited from participating in the affairs of any federally insured depository institution.

Notices of Prohibition:

• Sarah C. Conley, a former employee of Summit Federal Credit Union, Rochester, New York.

• Carlene Bartley, a former employee of Municipal Credit Union, New York, New York.

Consent Order:

• Esther A. Olson, a former employee of Educational Employees Credit Union, Fresno, California.

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 an institution or individual to take action (or refrain from taking action), including making restitution;

• An Order of Prohibition, which prohibits an individual from ever working for a federally insured financial institution; and

• An Order Assessing Civil Money Penalties, which requires an institution or individual to pay an assessed penalty amount.