Jane Olivera - Order of Prohibition

UNITED STATES OF AMERICA
NATIONAL CREDIT UNION ADMINISTRATION
NATIONAL CREDIT UNION ADMINISTRATION BOARD

IN THE MATTER OF                                              )
                                                                                    )
JANE OLIVERA                                                         )
                                                                                    )           No.   00-0802-I
                                                                                    )
An Institution Affiliated Party and                                  )
Person Participating in the Affairs                                  )
of the HARTFORD COURANT EMPLOYEES          )
            FEDERAL CREDIT UNION                          )
            Hartford, Connecticut                                       )

WHEREAS, Jane Olivera 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, Jane Olivera, 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 Rules and Regulations;

1. Jane Olivera is an institution-affiliated party in that she was the Manager of the Hartford Courant Employees Federal Credit Union, located in Hartford, Connecticut.

2. The Stipulation and Consent to the Issuance of this Order of Prohibition is made a part hereof and is incorporated herein by reference.

3. Jane Olivera is prohibited from participating in any manner in the conduct of the affairs of any federally insured credit union and any other institution as defined in 12 U.S.C. §1786(g)(7).

LAYNE L BUMGARDNER
Regional Director, Region I
National Credit Union Administration

UNITED STATES OF AMERICA
NATIONAL CREDIT UNION ADMINISTRATION
NATIONAL CREDIT UNION ADMINISTRATION BOARD

The National Credit Union Administration Board, by and through its undersigned counsel, and Jane Olivera, the former Manager of the Hartford Courant Employees Federal Credit Union, located in Hartford, Connecticut, hereby stipulate and agree as follows:

1. Consideration. The National Credit Union Administration is of the opinion that grounds exist to initiate an administrative prohibition against Jane Olivera pursuant to Section 206 of the Federal Credit Union Act, 12 U.S.C. §1786. Jane Olivera denies the existence of such grounds and further denies any wrongdoing or that she engaged in any violation of any law or regulation or that she failed to comply with any credit union’s policies or procedures. Without any admission against her interest, Jane Olivera desires to avoid the time, cost and expense of administrative litigation and hereby stipulates and agrees to the following terms in consideration of the forbearance of the National Credit Union Administration Board from conducting an administrative hearing and imposing other remedial sanctions, including, but not limited to, restitution, against her.

(a) Jane Olivera is an "institution-affiliated party" within the meaning of Section 206(r) of the Federal Credit Union Act, 12 U.S.C. §1786(r).

(b) Pursuant to the authority vested in the Board of the National Credit Union Administration under Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g), and Part 747 of the National Credit Union Administration Rules and Regulations, it is an appropriate federal agency to maintain enforcement proceedings against such institution-affiliated party. Therefore, Jane Olivera is subject to the authority of the National Credit Union Administration to initiate and maintain prohibition proceedings against her.

3. Consent. Jane Olivera consents to the issuance by the National Credit Union Administration Board of the accompanying Order of Prohibition. She further agrees to comply with its terms upon issuance and stipulates that the Order complies with all requirements of the law.

4. Waivers. Jane Olivera waives her right to the administrative hearing provided for in Section 206(g)(4) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(4). She further waives her right to seek judicial review of the Order of Prohibition or otherwise challenge the validity or legality of the Order.

5. 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, effective and fully enforceable by the National Credit Union Administration.

WHEREFORE, in consideration of the foregoing, the undersigned, on behalf of the National Credit Union Administration and Jane Olivera, execute this Stipulation and Consent to Issuance of Order of Prohibition.

By: ____________--S--___________                   _______8/10/00______
            Allan H. Meltzer                                               Date
            Associate General Counsel