Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
C-and-Ds ordered for two former U.S. Central figures
ALEXANDRIA, Va. (5/21.12)--The National Credit Union Administration (NCUA) announced that cease-and-desist orders have been filed against Francis Lee and Joseph Herbst, both formerly affiliated with  U.S. Central FCU (U.S. Central) , located in Lenexa, Kan.

The orders were one of the terms of settlements between Lee and the NCUA and Herbst and the NCUA to settle potential claims against the men stemming from the conservatorship and eventual liquidation of U.S. Central.

Both Lee and Herbst consented to the order without admitting fault. The orders require Lee and Herbst to desist from the following actions:

  • Becoming an employee of, holding any office in, or otherwise participating in any manner in the conduct of the affairs of any federally insured corporate credit union;
  •  
  • Consulting or advising any federally insured corporate credit union on any matters involving or relating to investment securities, investment policy, or investment strategy; or
  •  
  • Selling any investment securities to any federally insured corporate credit union.
NCUA enforcement orders are online at http://go.usa.gov/yiJ and can be inspected atthe NCUA's Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago