Two former CEOs have been banned from working again for corporates but are allowed to work elsewhere in the industry, including at natural person credit unions.
The NCUA issued cease and desist orders Friday that prohibit former U.S. Central FCU President/CEO Francis Lee and former Members United Corporate FCU President/CEO Joseph Herbst from working at, consulting with or advising for, any federally insured corporate credit union. Lee and Herbst are both also prohibited from selling investment securities to corporates.
However, the NCUA did not bar either from federally insured credit unions in general. Herbst is currently employed as senior vice president and chief strategic officer at the $2.3 billion Affinity Federal Credit Union in Basking Ridge, N.J.
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