ALEXANDRIA, Va. (Nov. 30, 2022) – The National Credit Union Administration issued a cease and desist order to Yonkers Postal Employees Credit Union in November.
Yonkers Postal Employees Credit Union in Yonkers, New York, 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.
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.
The public may view NCUA enforcement orders online or the public may order copies by mail from the NCUA at 1775 Duke Street, Alexandria, Virginia 22314-3428.