The National Credit Union Administration (NCUA) has issued a prohibition order against Daniel Garza, a former employee of Alhambra Credit Union in Phoenix, Arizona. This order permanently bars him from participating in the affairs of any federally insured depository institution.
The NCUA occasionally issues administrative orders under Section 206 of the Federal Credit Union Act. These are legally enforceable actions taken when it is determined that a credit union or its affiliates have violated laws or regulations, breached fiduciary duties, or engaged in unsafe practices.
The most common types of orders include:
- An Order to Cease and Desist: Requires an entity or individual to take corrective action or make restitution.
- An Order of Prohibition: Prevents an individual from working with any federally insured financial institution.
- An Order Assessing Civil Money Penalties: Imposes fines on institutions or individuals.
These enforcement orders and notices can be searched by various criteria on the NCUA's Administrative Orders webpage. The public can access these documents online or request copies by mail from the NCUA at their Alexandria, Virginia address.
The NCUA is an independent federal agency responsible for regulating, chartering, and supervising federal credit unions. It manages the National Credit Union Share Insurance Fund, which insures deposits for over 135 million account holders across federal and many state-chartered credit unions. The agency also focuses on consumer protection and financial literacy education.
For media inquiries, contact Joe Adamoli at JAdamoli@ncua.gov or call 703.518.6572.