2 prohibited by credit union regulator from future service in insured FIs

The federal regulator of credit unions issued notices in May prohibiting two individuals from participating in the affairs of any federally insured financial institution.

In its announcement Thursday, the National Credit Union Administration (NCUA) reported the following:

  • Debra L. Buber, a former employee of STOFFE Federal Credit Union in Solon, Ohio, pleaded guilty to a theft charge in April 2017. NCUA stated that Buber was sentenced to 30 days in prison, one year of probation and was ordered to pay $5,000 in restitution.
  • Kam Wong, the chief executive officer of Municipal Credit Union in New York, N.Y., was charged this May with the crimes of embezzlement, defrauding a financial institution, and wire fraud in the United States District Court for the Southern District of New York. NCUA issued its order after determining that Wong’s continued service or participation in the credit union’s operations may pose a threat to the interests of the credit union’s members or may threaten to impair public confidence in the credit union.

NCUA notes that violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.

NCUA Issues Prohibition Notices

NCUA Administrative Orders