ALEXANDRIA, Va. (March 5, 2012) – The National Credit Union Administration (NCUA) has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution:
- Timothy T. Sidley, a former employee of Western Corporate Federal Credit Union, San Dimas, Calif., without admitting liability or fault, consented to a prohibition order to avoid administrative litigation and further court proceedings.
This prohibition order was one of the terms of a confidential settlement agreement between Sidley and NCUA to settle claims and counterclaims in that portion of the pending lawsuit against him and four other former officers of Western Corporate Federal Credit Union, stemming from the conservatorship and eventual liquidation of that corporate credit union.
NCUA enforcement orders are online at http://go.usa.gov/Plq
and you may inspect them at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday. You may order copies 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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.