ALEXANDRIA, Va. (Jan. 31, 2023) – The National Credit Union Administration issued two prohibition notices in January 2023. The individuals named below are permanently prohibited from participating in the affairs of any federally insured depository institution.
- Jorge Navarro, institution-affiliated party of URW Community Federal Credit Union, Danville, Virginia, was sentenced in U.S. District Court, Middle District of North Carolina, on one count of misapplication and embezzlement from a credit union, and one count of uttering counterfeit United State currency in connection with his employment at the credit union.
- Robert P. Shorkey, a former institution-affiliated party of DFCU Financial, Dearborn, Michigan, was sentenced in U.S. District Court, Eastern District of Michigan, on one count of financial institution fraud in connection with his employment at the credit union.
Notices of Prohibition are public notifications that a named person who has been convicted of a criminal offense involving dishonesty or breach of trust is permanently barred from working for a federally insured depository institution by operation of law.
In addition to notices 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 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.