ALEXANDRIA, Va. — The NCUA has issued orders prohibiting two individuals from participating in the affairs of any federally insured financial institution.
Margaret H. Burton, former manager of Progressive Teachers Federal Credit Union in Chattanooga, Tenn., and Louise Jacobson, former president of Peoples and Employees Federal Credit Union, Fort Wayne, Ind., separately consented to prohibition orders without admitting or denying fault to avoid the time and cost of administrative litigation.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
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