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NCUA Issues Prohibition Order

ALEXANDRIA, Va. (July 7, 2011) – The National Credit Union Administration issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution:

 

  • Stephen Shinnick, a former employee of Norwood School Employees Federal Credit Union, Norwood, Mass., pled guilty to three counts of larceny and was sentenced to five years probation.

NCUA enforcement orders are online here, and may be inspected at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Monday – Friday. Copies may be ordered by mail from NCUA, 1775 Duke St., Alexandria, Va. 22314-3428.

Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.



NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"