In the Matter of
Cease-and-Desist Order of
Waterside Federal Credit Union
|
98-0601-1-(June 22, 1998) |
WHEREAS, Waterside Federal Credit Union has executed a Stipulation and Consent Cease and Desist and Pay a Civil Money Penalty (Stipulation and Consent) pursuant to Section 206 of the Federal Credit Union Act and;
WHEREAS, the Board of the National Credit
Union Administration (Board) has considered the terms and conditions
agreed to in the Stipulation and Consent; NOW THEREFORE, IT IS
ORDERED THAT:
1. The Board has jurisdiction over Waterside Federal Credit Union pursuant to Section 206(r) of the Federal Credit Union Act.
FOR THE NATIONAL CREDIT UNION ADMINISTRATION
BOARD
___7/30/98___ ______________________
Date BY: Becky Baker
Secretary of the Board
In the Matter of
Cease-and-Desist Order of
Waterside Federal Credit Union
|
98-0601-1-(June 22, 1998) |
The National Credit Union Administration Board ("NCUA Board"), by and through its undersigned counsel, and Waterside Federal Credit Union ("Credit Union") hereby stipulate and agree as follows:
1. Consideration. The NCUA is
of the opinion that grounds exist to initiate an administrative
cease and desist action against Credit Union pursuant to Section
206 of the Federal Credit Union (FCU) Act, 12 U.S.C. §1786.
Credit Union, without admitting that said grounds exist (except
those set forth as to jurisdiction in paragraph 2), desires to
avoid the time, cost and expense of administrative litigation.
Accordingly, Credit Union consents to this Stipulation and subsequent
issuance by NCUA Board of Cease and Desist Order ("Order").
2. Jurisdiction.
(b) Pursuant to the authority vested in the NCUA Board under Section 206 of the FCU Act, 12 U.S.C. §1786, and Part 747 of the NCUA Rules and Regulations, it is an appropriate Federal agency to maintain enforcement proceedings against such institution. Therefore, Credit Union is subject to the authority of the NCUA to initiate and maintain proceedings against it.
3. Consent. Credit Union consents to the issuance by the NCUA Board of the accompanying Cease and Desist Order. Pursuant to the Federal Credit Union Act, the Credit Union consents to the following terms and conditions:
c. Acting upon the findings of the
CPA Report and NCUA, the credit union will:
4. Waivers. Credit Union waives its right to an administrative hearing to this Cease and Desist Order as provided for in Section 206 of the FCU Act, 12 U.S.C. § I 786. They further waive their right to seek judicial review of this Cease and Desist Order or otherwise challenge the validity or legality of this Order.
5. Finality. The Cease and Desist Order will be issued pursuant to Section 206 of FCU, 1 2 U.S.C. § 1 786. Upon its issuance by the NCUA Board, it shal I be a final Order, effective and fully enforceable by the NCUA.
WHEREFORE, in consideration of the foregoing the undersigned, on behalf of the NCUA, Credit Union execute this Stipulation and Consent to Cease and Desist Order and Civil Money penalty.
Dated this 22nd day of June 1998.
By: _________________ By:_________________________
Richard S. Schulman President of the Board
Trial Attorney, Office of Waterside Federal Credit Union
General Counsel, National
Credit Union Administration