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UNITED
STATES OF AMERICA _______________________________ ORDER OF PROHIBITION WHEREAS, Carol Joaquin-Bey executed a Stipulation and Consent to Issuance of an Order of Prohibition (“Stipulation”), and agreed and consented to the issuance of this Order of Prohibition (“Order”), pursuant to Section 206(g) of the Federal Credit Union Act (“FCUA”), 12 U.S.C. § 1786(g), and Part 747 of the National Credit Union Administration Rules and Regulations (“Rules”), 12 C.F.R. §747, et seq.; and WHEREAS, pursuant to the FCUA and the Rules, the National Credit Union Administration Board (“NCUAB”) has authority to issue a final Order where the Respondent consents to the issuance of such an Order. NOW THEREFORE, the NCUAB issues this Order and prohibits Carol Joaquin-Bey from participating in any manner in the conduct of the affairs of any federally insured credit union, and from continuing or commencing to hold any office, or participate in any manner, in the conduct of the affairs of any other institution or agency set forth in Section 206)g)(7) of the FCUA, 12 U.S.C. § 1786(g)(7). FURTHERMORE, all technical words or terms used in this Order have meanings defined in the FCUA, the Rules, Title 12 of the United States Code, and any such words or terms undefined in the foregoing have meanings that accord with the best customs and usage in the credit union industry. FURTHERMORE, this Order against Carol Joaquin-Bey incorporates by reference the Stipulation she executed, and is effective upon its issuance. NATIONAL
CREDIT UNION ADMINISTRATION BOARD
BY: ____________/S/________________________ Dated: 8/28/00 UNITED
STATES OF AMERICA _______________________________ STIPULATION
AND CONSENT TO ISSUANCE OF The National Credit Union Administration (NCUA), by and through its undersigned counsel, and Carol Joaquin-Bey, 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 proceeding against Carol Joaquin-Bey pursuant to Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g). Carol Joaquin-Bey 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 her. In further consideration of Carol Joaquin-Bey’s stipulation to the entry of the accompanying Order of Prohibition, NCUA agrees to waive any further administrative actions against her pursuant to 12 U.S.C. §1786. 2. Jurisdiction. (a) ALLEN TEMPLE BAPTIST CHURCH 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) Carol Joaquin-Bey, 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 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. Part 747, the NCUA is empowered to maintain enforcement proceedings against federally insured credit unions and institution-affiliated parties. Carol Joaquin-Bey is subject to the authority of NCUA to initiate and maintain an administrative action against her. 3. Consent. Carol Joaquin-Bey consents to the issuance by the Board of the NCUA 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 law. 4. Cooperation. Carol Joaquin-Bey 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 or others in connection therewith. 5. Waivers. Carol Joaquin-Bey waives her 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). She further waives her 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. This Order of Prohibition shall not prevent Carol Joaquin-Bey from otherwise contacting, communicating, or doing business with federally insured credit unions in any manner that is not inconsistent with the prohibition provided in 12 U.S.C. §1786(g)(7)(A). It shall not in any way restrain Carol Joaquin-Bey from participating in any other industries not identified in 12 U.S.C. §1786(g)(7)(A), or being employed and/or retained by any company, organization (profit or non-profit) or self-employed in any other industry, not identified in 12 U.S.C. §1786(g)(7)(A), including but not limited to real estate brokerage (whether sales, leasing, refinance, etc., either as a broker or sales agent), private lending business, or any activities in which a California broker’s or agent’s real estate license is required. 8. Not an Admission. This Stipulation and the accompanying Order of Prohibition shall not in any way be construed as a confession or admission of any liability, wrongdoing, or guilt, whether civilly, administratively, or criminally. This Stipulation and the accompanying Order of Prohibition shall be considered an offer of compromise or settlement under California Evidence Code Section 1152. WHEREFORE, in consideration of the foregoing, the undersigned counsel, on behalf of the National Credit Union Administration, and Carol Joaquin-Bey execute this Stipulation and Consent to Issuance of Order of Prohibition. By:
/S/
/S/ Date: 8/21/00 Date: 07/20/2000 |