NCUA Prohibits Two Individuals from Participating in the Affairs of Any Federally Insured Depository Institution

ALEXANDRIA, Va. (July 31, 2024) – The Nationwide Credit score Union Administration in July 2024 completely prohibited two people from taking part within the affairs of any federally insured depository establishment.

Prohibition Orders:

• Jose Prado-Valero, a former worker of Monetary Heart First Credit score Union in Indianapolis, Indiana
• Tracy H. Thibodeau, a former worker of Vermont VA Federal Credit score Union in White River Junction, Vermont

An Order of Prohibition prohibits a celebration from ever working for a federally insured depository establishment.

Along with Orders of Prohibition, the NCUA, every so often, points administrative orders, that are formal, legally enforceable orders issued pursuant to Part 206 of the Federal Credit score Union Act. Typically, the NCUA points administrative orders when it finds {that a} credit score union — or individuals affiliated with a credit score union — have violated a legislation, rule, or regulation; breached a fiduciary responsibility; or engaged in an unsafe or unsound follow.

The three commonest orders issued by the NCUA embrace:

• An Order to Stop and Desist, which requires an establishment or particular person to take motion (or chorus from taking motion), together with making restitution;
• An Order of Prohibition, which prohibits a person from ever working for a federally insured monetary establishment; and
• An Order Assessing Civil Cash Penalties, which requires an establishment or particular person to pay an assessed penalty quantity.

Company enforcement orders and notices are searchable by title, establishment, metropolis, state, and yr on the NCUA’s Administrative Orders webpage. The webpage additionally gives hyperlinks to the federal enforcement actions of federal banking companies in opposition to different establishments or their affiliated events.

The general public could view NCUA enforcement orders on-line or the general public could order copies by mail from the NCUA at 1775 Duke Road, Alexandria, Virginia 22314-3428.