A former lending executive for Loudoun Credit Union, Leesburg, Va., who reportedly violated credit union policy and federal rules on member business lending may no longer participate in the affairs of any federally insured financial institution under a prohibition order announced Monday.
The consent order issued by the National Credit Union Administration (NCUA) states that Catalina Noyes, while the credit union’s vice president of lending, from November 2015 through August 2017 “personally underwrote and approved several member business loans in violation of LCU lending policy as well as Federal Regulations Part 723.4.” As a result, the NCUA said, the credit union suffered a loss of $200,000 and Noyes’ fidelity bond was revoked.
The agency said Noyes breached her fiduciary duties to the credit union and its members and engaged in unsafe or unsound practices; that her conduct either prejudiced or could have prejudiced the interests of LCU’s members and/or provided a gain or other benefit to herself; and that her conduct demonstrated personal dishonesty and/or unfitness to participate in conducting the affairs of a credit union.