______________________________________
)
In the Matter of )
)
MYRA STEWART, )
)
Former Manager of ) Docket No. 97-0102 I
New York State Psychiatric Institute )
Employees Federal Credit Union )
New York, New York. )
______________________________________)
WHEREAS, Myra Stewart 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. §§ 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 Myra Stewart 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, all technical words or terms used in this Order have meanings defined in the FCUA, the Rules, Title 12 of the United States Code, and any such words or terms undefined in the foregoing have meanings that accord with the best customs and usage in the credit union industry.
FURTHERMORE, this Order incorporates by reference the Stipulation, and is effective on its date of issuance.
NATIONAL CREDIT UNION ADMINISTRATION BOARD
By: _________________________________
Layne L. Bumgardner, Regional Director
Dated: _______________________
This certifies that I served the foregoing Order of Prohibition against Myra Stewart by Certified Mail, Return Receipt Requested addressed to:
Myra Stewart
c/o Kris E. Watson, Esquire
1674 Broadway, Suite 5E
New York, NY 10019
and
William Porter, Manager
Municipal Credit Union
22 Cortlandt Street
New York, NY 10007
By: ________________________________ Dated: ______________________
Gerard S. Poliquin, Trial Attorney
National Credit Union Administration
______________________________________
)
In the Matter of )
)
MYRA STEWART, )
)
Former Manager of ) Docket No. 97-0102 I
New York State Psychiatric Institute )
Employees Federal Credit Union )
New York, New York. )
______________________________________)
Myra Stewart, former Manager of New York State Psychiatric Institute Employees Federal Credit Union, New York, New York ("the credit union"), and by 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").
Myra Stewart 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 Myra Stewart pursuant to Section 206(g) of the Federal Credit Union Act ("FCUA"), 12 U.S.C. § 1786(g). Myra Stewart, 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, Myra Stewart 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 Myra Stewart arising out of her position as manager of the credit union.
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." Myra Stewart is an "institution-affiliated party" within the meaning of Section 206(r) of the FCUA, 12 U.S.C. § 1786(r). Accordingly, Myra Stewart admits the jurisdiction of the NCUAB over her and over the subject matter of this action
3. Finality. Myra Stewart 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 is final, effective and fully enforceable by the NCUAB. The laws of the United States of America govern the construction and validity of this Stipulation and the Order, and the section and paragraph headings do not affect the interpretation of this Stipulation or the Order.
4. Waivers. Myra Stewart waives her right to an administrative hearing provided by Section 206(g)(4) of the FCUA, 12 U.S.C. § 1786(g)(4). Myra Stewart 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, Myra Stewart 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 her former or current affiliations with the credit union, 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, Myra Stewart and the National Credit Union Administration Board execute this Stipulation and Consent to the Issuance of an Order of Prohibition.
___________________________________
Myra Stewart
____________________________
Date
NATIONAL CREDIT UNION ADMINISTRATION BOARD
___________________________________
Gerard S. Poliquin
Office of General Counsel
____________________________
Date