ALEXANDRIA, Va. (May 18, 2012) – The National Credit Union Administration (NCUA) has issued a cease and desist order to Joseph Herbst, a former institution-affiliated party of U.S. Central Federal Credit Union (U.S. Central), located in Lenexa, Kan.
The order, which Herbst consented to without admitting fault, requires Herbst to desist from the following actions:
Becoming an employee of, holding any office in, or otherwise participating in any manner in the conduct of the affairs of any federally insured corporate credit union;
Consulting or advising any federally insured corporate credit union on any matters involving or relating to investment securities, investment policy, or investment strategy; or
Selling any investment securities to any federally insured corporate credit union.
This order was one of the terms of a settlement agreement between Herbst and NCUA to settle the potential claims against him, stemming from the conservatorship and eventual liquidation of U.S. Central.
NCUA enforcement orders are online at http://go.usa.gov/yiJ 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.
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
98 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.