ALEXANDRIA, Va.--NCUA issued one consent-based prohibition order in October, the agency announced.
The individual is permanently prohibited from participating in the affairs of any federally insured depository institution.
Order of Prohibition:
Shwe Siedschlag, former employee of Affinity Plus Federal Credit Union, Saint Paul, Minn. agreed and consented to the issuance of a prohibition order and agreed to comply with all its terms to settle and resolve the NCUA Board’s claims against her.
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:
- An Order to Cease and Desist, which requires an institution or individual to take action (or refrain from taking action), including making restitution;
- An Order of Prohibition, which prohibits an individual from ever working for a federally insured financial institution; and
- An Order Assessing Civil Money Penalties, which requires an institution or individual to pay an assessed penalty amount.