IN THE MATTER OF Gerald F. Volpe a  person participating in the affairs of Jersey Metro  Federal Credit Union

Docket No.99-05-01-II

WHEREAS, Gerald F. Volpe, former Manager of Jersey Metro FCU (Credit Union), was a institution-affiliated party

participating in the affairs of said credit union; and

WHEREAS, Gerald F. Volpe has executed a Stipulation and Consent to Issuance of Order of Prohibition, which is accepted

and approved by the National Credit Union Administration acting through its counsel; and

WHEREAS, Gerald F. Volpe in the Stipulation, has consented and agreed to the issuance of this Order of Prohibition

pursuant to Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g), and Part 747 of the National Credit Union

Administration's Rules and Regulations, 12 C.F.R. §747;

NOW, THEREFORE, IT IS ORDERED THAT:

1. Gerald F. Volpe is prohibited from further participation, in any manner, in the conduct of the affairs of any federally insured

credit union.

2. Without the prior written approval of the National Credit Union Administration Board and, if applicable, the appropriate

federal financial institutions regulatory agency, Gerald F. Volpe may not participate in any manner in the affairs of any

institution(s) or other entity set forth in Section 206(g)(7)(A) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(7)(A).

3. The Stipulation and Consent to Issuance of this Order of Prohibition, dated May 6, 1999, is made a part hereof and is

incorporated herein by this reference.

4. This Order of Prohibition shall become effective on the date it is issued.
 

DATE:        5/28/99

                        NATIONAL CREDIT UNION ADMINISTRATION BOARD

                        BY:____________________________________
                                    Tawana James
                                    Regional Director, Region II, Capital
                                    National Credit Union Administration

 
 

IN THE MATTER OF Gerald F. Volpe a  person participating in  the affairs of Jersey Metro Federal Credit Union

Docket No. 9905-01-II

The National Credit Union Administration (NCUA), by and through its undersigned counsel, and Gerald F. Volpe, hereby
stipulate and agree as follows:

1. Consideration. The NCUA, based upon information reported to it, is of the opinion that grounds exist to initiate an

administrative prohibition / civil money penalty proceeding against Gerald F. Volpe pursuant to Sections 206(g) and 206(k)(2)

of the Federal Credit Union Act, 12 U.S.C. §1786(g), (k)(2). Gerald F. Volpe denies that such grounds exist, but desires to

avoid the time, cost and expense of such administrative litigation and, without admitting that such grounds exist, hereby

stipulates and agrees to the following terms in consideration of the forbearance of the NCUA from initiating such administrative

litigation against him.

2. Jurisdiction.

        (a) Jersey Metro FCU, (Credit Union) was at all relevant times a federally insured credit union as that term is defined in

Section 101(7) of the Federal Credit Union Act, 12 U.S.C.§1752(7).

        (b) Gerald F. Volpe, as Manager of the Credit Union, was an institution-affiliated party as that term is defined in Section

206(r) of the Federal Credit Union Act, 12 U.S.C. §1786(r).

        (c) Pursuant to Sections 206(g), (k)(1) of the Federal Credit Union Act, 12 U.S.C. §1786(g), (k)(1) and Part 747 of the

National Credit Union Administration's Rules and Regulations, 12 C.F.R. Part 747, the NCUA is empowered to maintain

enforcement proceedings against federally insured credit unions and institution-affiliated parties. Gerald F. Volpe is subject to

the authority of NCUA to initiate and maintain an administrative action against him.

3. Consent. Gerald F. Volpe consents to the issuance by the Board of the NCUA of the accompanying Order of Prohibition.

He further agrees to comply with its terms upon issuance and stipulates that the Order complies with all requirements of law.

4. Cooperation. Gerald F. Volpe agrees to cooperate fully with any NCUA investigation into activities at Credit Union,

including but not limited to, providing full and complete answers to questions by NCUA in connection therewith.

5. Waivers. Gerald F. Volpe waives his right to a Notice of Prohibition and administrative hearing as provided for in Section

206(g)(4) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(4). He further waives his right to seek judicial review of the

Order of Prohibition or to otherwise challenge the validity or legality of the Order.

6. Finality. The Order of Prohibition is issued pursuant to Section 206(g) of the Federal Credit Union Act, 12 U.S.C.

§1786(g). Upon its issuance by the National Credit Union Administration Board, it shall be a final order, immediately effective

and fully enforceable by the National Credit Union Administration.

7. Other federally insured financial institutions. In accordance with Section 206(g)(7)(A) of the Federal Credit Union Act, 12

U.S.C. §1786(g)(7)(A), the Order of Prohibition 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

NCUA Board and the appropriate federal financial institutions regulatory agency.

WHEREFORE, in consideration of the foregoing, the undersigned counsel, on behalf of the National Credit Union

Administration, and Gerald F. Volpe execute this Stipulation and Consent to Issuance of Order of Prohibition.
 
 

By:                            /S/                                                                                        /S/

        NATIONAL CREDIT UNION                                               GERALD F. VOLPE
        ADMINISTRATION
 

Date:                  19 May 99                                                             Date:               5/6/99