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News Now

Washington
June 3 deadline prohibition order guidance
ALEXANDRIA, Va.(4/7/08)—The National Credit Union Administration (NCUA) is asking for comments by June 3 on its recently proposed guidance on prohibition orders barring an individual from working with a federally insured credit union. At its March open board meeting, the NCUA Board issued proposed Interpretive Ruling and Policy Statement (IRPS) No. 08-1, Guidance Regarding Prohibitions Imposed by Section 205(d) of the Federal Credit Union Act. The FCUA prohibits anyone convicted of a criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such an offense, from credit union work. However, the agency may grant written exceptions on a case-by-case basis. The agency’s IRPS is intended to clear up any confusion regarding the exception process by describing the actions that are prohibited under the statute and describing the procedures for applying for NCUA Board consent for employment.


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