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News Now

Washington
NCUA wants input on guidance to bar convicts at CUs
ALEXANDRIA, Va. (3/21/08)—-The National Credit Union Administration (NCUA) Board during its monthly meeting Thursday issued for a 60-day comment period proposed guidance on prohibition orders barring an individual from working with a federally insured credit union. 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 statute prohibits “a person who has been convicted or legally connected with prosecution of a criminal offense involving dishonesty or breach of trust from working or being affiliated with an insured credit union, except with prior written consent from the NCUA Board,” said the agency. NCUA said it has not previously published policies or regulations concerning Section 205(d) and recently became aware of several employees working at credit unions in violation of this prohibition. The three NCUA Board members voted unanimously in favor of the measure. Visit CUNA’s website for more information.


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