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NCUA Issues Prohibition Notices

ALEXANDRIA, Va. (May 31, 2018) – The National Credit Union Administration issued two notices of prohibition in May. These individuals are prohibited from participating in the affairs of any federally insured financial institution.

  • Debra L. Buber, a former employee of STOFFE Federal Credit Union in Solon, Ohio, pleaded guilty to the charge of theft. Buber was sentenced to 30 days in prison, one year of probation and was ordered to pay $5,000 in restitution.
  • Kam Wong, the chief executive officer of Municipal Credit Union in New York, New York, was charged with the crimes of embezzlement, defrauding a financial institution, and wire fraud in the United States District Court for the Southern District of New York. After determining that continued service or participation by Wong in the credit union’s operations may pose a threat to the interests of the credit union’s members or may threaten to impair public confidence in the credit union, the NCUA Board issued a notice prohibiting Wong from further participation in the affairs of any credit union.

Prohibition and administrative orders are searchable by name, institution, city, state, and year at the NCUA’s Administrative Orders webpage. The webpage also provides links to the enforcement actions of federal banking agencies against other institutions or their affiliated parties.

You may view NCUA enforcement orders online or inspect them at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Eastern, Monday through Friday. You also may order copies by mail from NCUA at 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 account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.

--NCUA--

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
Mobile: 571.438.0801
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"

9/20/2018 5:53 PM