IN THE MATTER  Catherine Ferguson  Former Manager of the Fourth  Supervisory School District Federal Credit Union in Westfield, New York

No. 99-1104-I

        Pursuant to Section 206(i)(1) of the Federal Credit Union Act, 12 U.S.C.

§1786(i)(1), you are hereby notified that you are prohibited from participating in any

manner in the affairs of any federally insured credit union. This prohibition results from

activities in which you engaged during your affiliation with Fourth Supervisory School

District Federal Credit Union (the Credit Union). This prohibition is effective

immediately upon service. In accordance with Section 206(g)(7)(A) of the Federal

Credit Union Act, 12 U.S.C. §1786(g)(7)(A), this Order shall constitute a prohibition from

further participation in any manner in the affairs of any federally insured financial

institution, or other entity identified therein, without the written permission of the

appropriate federal regulatory agency.
 

        This Order has been issued based upon the following information. On or about

June 21, 1999, you pled guilty to one (1) count of Credit Union Embezzlement,

18 U.S.C. §657. You were sentenced on October 21, 1999, by the U.S. District Court for

the Western District of New York, to twelve months and one day of incarceration

followed by three years of probation. A copy of the Criminal Judgment and Disposition

entered by the U.S. District Court on October 21, 1999, is attached to this Order as

Attachment 1 and is incorporated by reference herein.
 

        The offense to which you pled guilty was committed while you were employed as

manager of the Credit Union. At the time of your criminal actions, the Credit Union was

federally insured.
 

        This offense involves personal dishonesty and breach of trust. Your continued

participation in the affairs of any federally insured credit union may pose a threat to the

interests of credit union members and may threaten to impair public confidence in the

credit union involved.
 
 

        Pursuant to Section 206(i)(3), of the Federal Credit Union Act, 12 U.S.C.

§1786(i)(3), you may request in writing, within thirty days of service of this Order, an

opportunity for a hearing at which you may present evidence and argument that your

continued participation in the affairs of any federally insured credit union would not, or

would not likely, pose a threat to the interests of a credit union's members or threaten to

impair public confidence in the credit union. Such a request must state with particularity

the relief desired, the grounds, and must include, when available, supporting evidence.
 

        Any such request should be sent to: Secretary of the Board, National Credit

Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428. This hearing will

be held in the Washington, DC metropolitan area, or such other place as designated by

the Board, in accordance with Subpart D of Part 747 of NCUA's Rules and Regulations,

12 C.F.R. §747.301 et seq.
 
 

        Pursuant to Section 206(k)(2) of the Federal Credit Union Act, 12 U.S.C.

§1786(k)(2), any violation of this Order may subject you to a Civil Money Penalty of up

to $1,000,000.00 a day for each day said violation continues. In addition, pursuant to

Section 206(l) of the Federal Credit Union Act, 12 U.S.C. §1786(l), any violation of this

Order is a felony offense that is punishable by imprisonment of up to five years and a

fine of up to $1,000,000.00.
 

National Credit Union Administration

by:
 
 
 

___________________________________                         _____________________
Anthony J. LaCreta                                                                         Date
Acting Regional Director, Region I
National Credit Union Administration