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

            WHEREAS, Richard Somers, Sr. 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, Richard Somers, Sr., 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;
 

            NOW THEREFORE, IT IS ORDERED THAT:

                    1.  Richard Somers, Sr. is an institution-affiliated party in that he was the

treasurer of the First Credit Union of Scranton, located in Scranton, Pennsylvania.

                    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.   Richard Somers, Sr. 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).

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

 

IN THE MATTER OF RICHARD SOMERS, SR. An Institution Affiliated Party and  Person Participating in the Affairs of the FIRST CREDIT UNION OF SCRANTON,         Scranton, Pennsylvania

No. 99-1101 II

            The National Credit Union Administration Board, by and through its undersigned

counsel, and Richard Somers, Sr., the former treasurer of the First Credit Union of

Scranton, located in Scranton, Pennsylvania, 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 Richard Somers, Sr.

pursuant to Section 206 of the Federal Credit Union Act, 12 U.S.C. §1786. Richard

Somers, Sr. denies the existence of such grounds and further denies any wrongdoing

or that he engaged in any violation of any law or regulation or that he failed to comply

with any credit union's policies or procedures. Without any admission against his

interest, Richard Somers, Sr. 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 against

him.

                    2.  Jurisdiction.

                            (a)  Richard Somers, Sr. 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, Richard Somers, Sr. is subject to the

authority of the National Credit Union Administration to initiate and maintain prohibition

proceedings against him.

                    3   Consent. Richard Somers, Sr. consents to the issuance by the National

Credit Union Administration Board 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 the law.

                    4.  Waivers. Richard Somers, Sr. waives his 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). He further waives his 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 Richard Somers, Sr., execute

this Stipulation and Consent to Issuance of Order of Prohibition.
 

NATIONAL CREDIT UNION ADMINISTRATION
 

By: _______--S--________________                             ____11/2/99________
            Allan H. Meltzer                                                         Date
            Associate General Counsel
 

_________--S--__________________                        __10/14/99__________
Richard Somers, Sr.                                                           Date
 
 

(Notary Seal)                                                 ______--S--_________________
                                                                                        Notary Public
 

My Commission expires: ________________________________.