ALEXANDRIA, Va. –The National Credit Union Administration has issued one prohibition order in May 2025, while also terminating a cease-and-desist order.
Issued the Notice of Prohibition, which permanently prohibits someone from participating in the affairs of any federally insured depository institution, was Desiree Canepa, a former employee of Antioch Community Federal Credit Union, Antioch, Calif.
NCUA did not provide a reason for the order.
Order Lifted
Separately, NCUA said it has terminated the cease and desist order issued to the $865,737 Phi Beta Sigma FCU in 2024 after the credit union fulfilled the terms and requirements.
Phi Beta Sigma, Washington, D.C., was issued the order in January of 2024 for issues related to Bank Secrecy (BSA) compliance. Among other things, it was ordered to retain an independent qualified third party to complete an opinion audit of the credit union’s records and to obtain training from a qualified third party for all members of the supervisory committee in their roles and responsibilities.
PBSFCU posted a $894 loss in the first quarter, with net worth of 13.78%.
That order can be found here. https://ncua.gov/news/enforcement-actions/administrative-orders/2019/administrative-order-matter-cease-and-desist-order-phi-beta-sigma-federal-credit-union
The NCUA, on occasion, issues administrative orders, which are formal, legally enforceable orders issued pursuant to Section 206 of the Federal Credit Union Act. Generally, the NCUA issues administrative orders when it finds that a credit union — or persons affiliated with a credit union — have violated a law, rule, or regulation; breached a fiduciary duty; or engaged in an unsafe or unsound practice.
The three most common orders issued by the NCUA include:
An Order to Cease and Desist, which requires an institution or individual to take action (or refrain from taking action), including making restitution
An Order of Prohibition, which prohibits an individual from ever working for a federally insured financial institution
An Order Assessing Civil Money Penalties, which requires an institution or individual to pay an assessed penalty amount