NCUA bans two former CU employees in Texas & Washington

A former vice president of lending allegedly runs an “improper lending scheme.”

The NCUA on Monday banned Soundra Lopez, a former vice president of lending, and Latrese Williams, a former member services representative, from ever participating in the affairs of a federally-insured financial institution.

Seven months before the $47 million County & Employees Credit Union in Edinburg, Texas was liquidated by state regulators in October 2014, Lopez, along with two other employees, sued the credit union in March 2014 claiming they had not been paid overtime hours.

The NCUA, which was named the credit union’s conservator, denied Lopez’s overtime claims. What’s more, in a 2017 court filing in U.S. District Court in McAllen, Texas, the NCUA alleged Lopez was not entitled to compensation because she violated her fiduciary duties and “acted in an illegal and improper manner.”

The independent federal agency alleged Lopez orchestrated and participated in an improper lending scheme, which she benefitted from and led to substantial financial losses for CMECU.


continue reading »