Administrative Order: In the Matter of Bethann Kraenzlein

NOTICE OF PROHIBITION

WHEREAS on or about May 13, 2019, Bethann Kraenzlein (“Kraenzlein”) was sentenced on the charge of Embezzlement, MCL 750.1744A, in the State of Michigan’s 23rd Judicial Circuit Court for Iosco County, in connection with her employment at Northland Area Federal Credit Union;

WHEREAS a violation of MCL 750.1744A is a criminal offense involving dishonesty and breach of trust;

NOW, THEREFORE, YOU ARE HEREBY NOTIFIED THAT:

1. Pursuant to 12 U.S.C. § 1785(d)(1)(A) and 12 U.S.C.  § 1829(a)(1)(A), Kraenzlein is prohibited from becoming an “institution affiliated party” of any insured depository institution, as defined in 12 U.S.C. § 1786(r); otherwise participating, directly or indirectly, in the conduct of the affairs of any insured depository institution; and owning or controlling, directly or indirectly, any insured depository institution;
2. Pursuant to 12 U.S.C. § 1785(d)(1)(B) and 12 U.S.C. § 1829(a)(1)(B), no insured depository institution may permit Kraenzlein to engage in any conduct or continue in any relationship prohibited in paragraph 1 above;
3. Pursuant to 12 U.S.C. § 1785(d)(3) and 12 U.S.C. § 1829(b), whoever knowingly violates paragraph 1 or 2 above is subject to a fine of not more than $1 million for each day such prohibition is violated, or imprisonment for not more than five (5) years, or both;
4. The “Judgment of Sentence” document, Case No. 19-001545-FH-R, is made a part hereof and is incorporated herein by reference; and

ISSUED this 17th day of August, 2020.

NATIONAL CREDIT UNION ADMINISTRATION