ALEXANDRIA, Va. (March 31, 2023) – The National Credit Union Administration issued two prohibition orders and terminated one cease and desist order in March 2023. The individuals named below are permanently prohibited from participating in the affairs of any federally insured depository institution.
- Rachel Gaudreau, a former employee of Westport Federal Credit Union, Westport, Massachusetts
- Shannon Rider, a former employee of Erie Times Federal Credit Union, Erie, Pennsylvania
The NCUA terminated the following cease and desist order after the credit union fulfilled the terms and requirements, and the NCUA Board, through its Eastern Regional Director, terminated the order.
- Live Life Federal Credit Union, Fraser, Michigan
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:
- A Notice of Prohibition, which 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;
- An Order to Cease and Desist, which requires a party to take action (or refrain from taking action), including making restitution; and
- An Order Assessing Civil Money Penalties.
Agency enforcement orders and notices are searchable by name, institution, city, state, and year on 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.