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UNITED STATES OF AMERICA ______________________________ ORDER OF PROHIBITION WHEREAS, Sharon Ann Streit, a former manager of the Vista Federal Credit (“Credit Union”), is an “institution-affiliated party” participating in the affairs of said credit union; and WHEREAS, Sharon Ann Streit has executed a Stipulation and Consent to Issuance of an Order of Prohibition, which is accepted and approved by the National Credit Union Administration, acting through counsel; and WHEREAS, Sharon Ann Streit has stipulated and consented 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, 12 C.F.R. §747. NOW, THEREFORE, IT IS ORDERED THAT:
NATIONAL CREDIT UNION ADMINISTRATION BOARD BY: _____________/s/_________________________________ DATE: ____11/21/01______________________________________ UNITED STATES OF AMERICA ______________________________ STIPULATION AND CONSENT TO ISSUANCE OF AN ORDER OF PROHIBITION The National Credit Union Administration Board (“NCUA BOARD”), by and through its undersigned counsel, and Sharon Ann Streit, a former manager at the Vista Federal Credit Union, hereby stipulate and agree as follows: 1. Consideration The National Credit Union Administration (“NCUA”) is of the opinion that grounds exist to initiate an administrative prohibition against Sharon Ann Streit pursuant to Section 206 of the Federal Credit Union Act, 12 U.S.C. §1786. Sharon Ann Streit, 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, Sharon Ann Streit consents to the issuance by the NCUA Board of an Order of Prohibition (“Order”) and hereby stipulates and agrees to the following terms in consideration of the settlement, compromise and resolution of all potential administrative claims and charges that have been or might be asserted by the NCUA Board against Sharon Ann Streit arising out of her position as former manager at the Vista Federal Credit Union. 2. Jurisdiction a. Sharon Ann Streit 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 NCUA Board 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 the appropriate Federal agency to maintain enforcement proceedings against an “institution-affiliated party”. Therefore, Sharon Ann Streit is subject to the authority of the National Credit Union Administration to initiate and maintain prohibition proceedings against her. 3. Consent Sharon Ann Streit consents to the issuance by the NCUA 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 Federal Credit Union Act. 4. Waivers Sharon Ann Streit 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 or to otherwise challenge the validity of the Order. 5. Other Actions Pursuant to this Stipulation, the Order settles and resolves any NCUA Board claims, known and unknown, against Sharon Ann Streit as provided by Paragraph 1 of this Stipulation. The Stipulation, however, does not release, discharge, compromise, settle, resolve or in any way effect any actions, claims, charges against, or liabilities that arise and that may be or have been brought by the Vista Federal Credit Union, or any federal or state government agency or entity other than the NCUA Board. 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 NCUA Board, it shall be a final Order, immediately effective and fully enforceable by the National Credit Union Administration. WHEREFORE, in consideration of the foregoing, the undersigned counsel on behalf of the National Credit Union Administration, and Sharon Ann Streit execute this Stipulation and Consent to Issuance of an Order of Prohibition. By: _____/s/_________________________ __11/14/01____________ _______/s/ ________________________ __11-7-01______________ |