NCUA Prohibits Two Individuals from Participating in the Affairs of Any Federally Insured Depository Institution
ALEXANDRIA, Va. (July 31, 2024) – The National Credit Union Administration in July 2024
permanently prohibited two individuals from participating in the affairs of any federally insured
depository institution.
Prohibition Orders:
Jose Prado-Valero, a former employee of Financial Center First Credit Union in Indianapolis, Indiana
Tracy H. Thibodeau, a former employee of Vermont VA Federal Credit Union in White River Junction, Vermont
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 Assessing Civil Money Penalties, which requires an institution or individual to
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.
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The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
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