IN THE MATTER OF
Gerald F. Volpe a
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Docket No.99-05-01-II |
ORDER OF PROHIBITION
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
UNITED STATES OF AMERICA
NATIONAL CREDIT UNION ADMINISTRATION
NATIONAL CREDIT UNION ADMINISTRATION BOARD
IN THE MATTER OF
Gerald F. Volpe a
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Docket No. 9905-01-II |
STIPULATION AND CONSENT TO ISSUANCE OF
ORDER OF PROHIBITION
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