| In the Matter of
PATRICIA WATSON, Former Manager of
|
Docket No. 99-0802-II
|
ORDER OF PROHIBITION
WHEREAS, Patricia Watson executed a Stipulation and Consent to Issuance of an Order
of Prohibition ("Stipulation"), and agreed and consented to the issuance of this Order of
Prohibition ("Order"), pursuant to Section 206(g) of the Federal Credit Union Act ("FCUA"),
12 U.S.C. § 1786(g), and Part 747 of the National Credit Union Administration Rules and
Regulations ("Rules"), 12 C.F.R. Part 747, et seq.; and
WHEREAS, the National Credit Union Administration Board ("NCUAB") delegated to
the Regional Directors of the National Credit Union Administration the authority to issue Orders
on behalf of the NCUAB where Respondents consent to the issuance of the Orders.
NOW THEREFORE, this Order prohibits Patricia Watson from participating in any
manner in the conduct of the affairs of any federally insured credit union, and from continuing or
commencing to hold any office, or participate in any manner, in the conduct of the affairs of any
other institution or agency set forth in Section 206(g)(7) of the FCUA, 12 U.S.C. § 1786(g)(7).
FURTHERMORE, this Orderincorporates by reference and makes a part hereof the
Stipulation.
FURTHERMORE, all technical words or terms used in this Order, for which meanings
are not specified or otherwise provided by the provisions of this Order shall, in so far as
applicable, have meaning as defined in the FCUA, the Rules, Title 12 of the United States Code,
and any such words or terms undefined in the foregoing shall have meanings that accord with the
best customs and usage in the credit union industry.
FURTHERMORE this Order against Patricia Watson is effective on the date of its
issuance.
NATIONAL CREDIT UNION ADMINISTRATION
BOARD
By:
/s/
Tawana Y. James, Regional Director
Dated: 8/11/99
| In the Matter of
PATRICIA WATSON, Former Manager of
|
Docket No. 99-0802-II |
STIPULATION AND CONSENT TO
ISSUANCE OF AN ORDER OF PROHIBITION
Patricia Watson, former Manager of Jessop Employees Federal Credit Union,
Washington, Pennsylvania ("Jessop"), and the National Credit Union Administration Board
("NCUAB"), acting by and through its Counsel, hereby make this Stipulation and
Consent to Issuance of an Order of Prohibition ("Stipulation").
Patricia Watson and the NCUAB hereby stipulate and agree as follows:
1. Consideration. The NCUAB is of the opinion that grounds exist to initiate an
administrative prohibition against Patricia Watson pursuant to Section 206(g) of the Federal
Credit Union Act ("FCUA"), 12 U.S.C. § 1786(g). Patricia Watson, without admitting or
denying 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, Patricia Watson
consents to the issuance by NCUAB of an Order of Prohibition ("Order") in consideration of
the settlement, compromise and resolution of all potential administrative claims and charges that
have been or might be asserted by NCUAB against her arising out of her former position as
Manager of Jessop.
2. Jurisdiction. Pursuant to its authority
under Section 206 of the FCUA, 12 U.S.C.
§ 1786, the NCUAB is the appropriate federal agency to maintain an administrative prohibition
action against an "institution-affiliated party." Patricia Watson is an "institution-affiliated party"
within the meaning of Section 206(r) of the FCUA, 12 U.S.C. § 1786(r). Accordingly, Patricia
Watson admits the jurisdiction of the NCUAB over her and over the subject matter of this action
3. Finality. Patricia Watson consents to the issuance of the Order, and agrees to comply
with all of its terms. The Order complies with all requirements of law, and issues pursuant to
Section 206(g) of the FCUA, 12 U.S.C. § 1786(g). Upon its issuance, the Order shall be final,
effective and fully enforceable by the NCUAB. The construction and validity of this Stipulation
and the Order shall be governed by the laws of the United States of America, and the section
and paragraph headings shall not affect the interpretation of this Stipulation or the Order.
4. Waivers. Patricia Watson waives her right to an administrative hearing provided by
Section 206(g)(4) of the FCUA, 12 U.S.C. § 1786(g)(4). Patricia Watson further waives her
right to seek judicial review of the Order, or otherwise challenge the validity or legality of the
Order.
5. Other Actions. Pursuant to this Stipulation, Patricia Watson hereby agrees that the
Order is solely for the purpose of settling and resolving NCUAB's claims against her, as
provided by paragraph 1 of this Stipulation, and does not release, discharge, compromise, settle,
dismiss, resolve, or in any way affect any actions, claims, charges against, or liabilities that arise
in connection with his former affiliations with Jessop, or any affiliate thereof, and that may be or
have been brought by any other federal or state government agency or entity other than
the NCUAB.
WHEREFORE, in consideration of the foregoing, Patricia Watson and the National
Credit Union Administration Board execute this Stipulation and Consent to the Issuance of an
Order of Prohibition.
___________/s/________
Patricia Watson
Date: 3/24/99
NATIONAL CREDIT UNION ADMINISTRATION
BOARD
_________/s/________________
Gerard S. Poliquin
Date: 7/26/99
Trial Attorney
Office of General Counsel