The National Credit Union Administration (NCUA) has permanently prohibited two individuals from participating in the affairs of any federally insured depository institution as of July 2024.
The prohibition orders were issued against Jose Prado-Valero, a former employee of Financial Center First Credit Union in Indianapolis, Indiana, and Tracy H. Thibodeau, a former employee of Vermont VA Federal Credit Union in White River Junction, Vermont. An Order of Prohibition prevents an individual from ever working for a federally insured depository institution.
In addition to Orders of Prohibition, the NCUA occasionally issues administrative orders under Section 206 of the Federal Credit Union Act. These legally enforceable orders are generally issued when it is found that a credit union or its affiliates have violated laws, rules, or regulations; breached fiduciary duties; or engaged in unsafe practices.
The three most common orders issued by the NCUA include:
- An Order to Cease and Desist, which requires an institution or individual to take specific actions or refrain from certain activities.
- An Order of Prohibition, which bars an individual from working for any federally insured financial institution.
- An Order Assessing Civil Money Penalties, which mandates that an institution or individual pay assessed penalties.
Agency enforcement orders and notices can be searched by name, institution, city, state, and year on the NCUA’s Administrative Orders webpage. This webpage also provides links to federal enforcement actions by other banking agencies against various institutions or their affiliated parties.
The public may view NCUA enforcement orders online or request copies by mail from the NCUA at 1775 Duke Street, Alexandria, Virginia 22314-3428.
The NCUA is an independent federal agency created by Congress to regulate, charter and supervise federal credit unions. Backed by the full faith and credit of the United States government, the NCUA operates and manages the National Credit Union Share Insurance Fund. This fund insures deposits for more than 135 million account holders in all federal credit unions and most state-chartered credit unions. The agency also focuses on consumer protection and financial literacy education.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572
