Newsroom
July 01, 2022
NCUA issues two prohibition orders, one cease-and-desist order in June
The NCUA in June issued two notices of prohibition and one cease-and-desist order, forbidding individuals previously associated with credit unions from any future participation in the affairs of a federally-insured financial institution.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
Details from last month's prohibition orders follow:
- Carolin Lopez, a former employee of 1st Bergen Federal Credit Union, Hackensack, N.J., 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; and
- Stephanie Simontacchi, a former employee of Redwood Credit Union, Santa Rosa, Calif., 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.
Details from the cease-and-desist order include:
- Inter-American Federal Credit Union, Brooklyn, N.Y., agreed and consented to the issuance of a cease-and-desist order to address certain supervisory concerns raised by the NCUA’s Eastern Regional Office.
NCUA enforcement orders are available via a searchable database online. Enforcement actions of federal banking agencies against other institutions or their affiliated parties may also be viewed via the administrative orders webpage.