ALEXANDRIA, Va. (July 31, 2024) – The National Credit Union Administration (NCUA) has taken decisive action in July 2024 by permanently banning two individuals from participating in any activities involving federally insured depository institutions.
Prohibition Orders Issued
- Jose Prado-Valero: Former employee of Financial Center First Credit Union, Indianapolis, Indiana.
- Tracy H. Thibodeau: Former employee of Vermont VA Federal Credit Union, White River Junction, Vermont.
An Order of Prohibition from the NCUA is a lifetime ban preventing these individuals from working with any federally insured depository institution.
Understanding NCUA Orders
In addition to Orders of Prohibition, the NCUA occasionally issues other administrative orders. These orders are legally enforceable and issued under Section 206 of the Federal Credit Union Act. They are typically issued when the NCUA determines that a credit union or its affiliates have violated laws, rules, or regulations, breached fiduciary duties, or engaged in unsafe or unsound practices.
Types of NCUA Orders
- Order to Cease and Desist: This order compels an institution or individual to take specific actions or stop certain practices. It can also include directives for restitution.
- Order of Prohibition: This order permanently bars an individual from working with any federally insured financial institution.
- Order Assessing Civil Money Penalties: This order mandates an institution or individual to pay a specified monetary penalty.
Access to Enforcement Orders
The NCUA maintains a searchable database of its enforcement orders and notices. This database can be searched by name, institution, city, state, and year. It also includes links to federal enforcement actions taken by other federal banking agencies against institutions or their affiliated parties.
Public Access
NCUA enforcement orders are accessible online. Additionally, the public can request copies by mail from the NCUA at the following address:
National Credit Union Administration
1775 Duke Street
Alexandria, Virginia 22314-3428
About the National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) is an independent federal agency established by the U.S. Congress. Its primary responsibilities include regulating, chartering, and supervising federal credit unions. The NCUA’s mandate extends to ensuring the safety and soundness of these institutions while protecting consumer interests.
National Credit Union Share Insurance Fund (NCUSIF)
The NCUA manages the National Credit Union Share Insurance Fund (NCUSIF), which insures the deposits of over 135 million account holders. This insurance covers all federal credit unions and the vast majority of state-chartered credit unions, providing a robust safety net backed by the full faith and credit of the United States government.
Consumer Protection and Financial Literacy
Beyond its regulatory and supervisory roles, the NCUA is dedicated to protecting consumers. It educates the public on various consumer protection issues and promotes financial literacy. These efforts are crucial in helping individuals make informed financial decisions and understand their rights within the financial system.
