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NCUA Issues Prohibition Order

ALEXANDRIA, VA (July 29, 2022) — The National Credit Union Administration issued one prohibition order in July. This individual is prohibited from participating in the affairs of any federally insured depository institution.

Michael Viselli, a former employee of Ingersoll-Rand Federal Credit Union, Athens, Pennsylvania, agreed and consented to the issuance of a prohibition order and agreed to comply with all its terms to settle and resolve the NCUA Board’s claim against him.
Administrative orders are formal enforcement orders issued by the NCUA 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 a party to take action (or refrain from taking action), including making restitution;
An Order of Prohibition, which prohibits a party from ever working for a federally insured depository institution; and
An Order Assessing Civil Money Penalties.
NCUA also issues Notices of Prohibition, which is notification that a person has been convicted of a criminal offense involving dishonesty or breach of trust and is barred from working for a federally insured depository institution by operation of law.

Agency enforcement orders and notices are searchable by name, institution, city, state, and year at 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.


About National Credit Union Administration (NCUA)

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.

Contacts

Ben Hardaway
BHardaway@ncua.gov
703.518.6333

 

Joe Adamoli
JAdamoli@ncua.gov
703.518.6572

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