Former PA credit union exec barred from future FI service

A former chief executive officer of PNG Northern Federal Credit Union of Vandergrift, Pa., has been barred from future service in any federally insured financial institution over findings of check kiting and related activity that caused “significant” financial loss to the credit union, according to a prohibition order announced Wednesday.

The consent order by the National Credit Union Administration (NCUA) states that Anne Cruz, while employed as the institution’s CEO, “engaged in a check kiting scheme, including recording and disbursing fictitious loans, using proceeds for her own personal benefit, and concealing the fraud through manipulation of credit union records.” It states that the credit union terminated her employment “on or about” Dec. 31, 2021.

The agency, in a release, said Cruz agreed and consented to the issuance of a prohibition order and “agreed to comply with all its terms to settle and resolve the NCUA Board’s claim against her.”

NCUA release

Order