NCUA Bans Former Lending Vice President From a Virginia Credit Union
Catalina Noyes violates policies that led to a loss of more than $200,000.
A former lending vice president was banned by the NCUA Monday for violating business lending policies and federal regulations that led to a financial loss of more than $200,000 for a Virginia credit union.
Catalina Noyes, who worked for the $57 million Loudoun Credit Union in Leesburg, did not admit to or deny any wrongdoing in agreeing to the NCUA’s prohibition order that she signed in December.
Noyes personally underwrote and approved several member business loans from November 2015 to August 2017, according to the federal agency. The NCUA did not report how many business loans she approved in violation of the credit union’s policies and federal regulations. Though Loudoun did not show any financial losses in 2015 and 2017, it posted a net income loss of $65,284 at the end of 2018, the credit union’s NCUA financial performance reports showed.
By engaging in unsafe and unsound practices, the NCUA said Noyes breached her fiduciary duties to Loudoun and its 5,272 members. CUNA Mutual Group revoked her fidelity bond in July 2017.
As the first person to consent to the NCUA’s prohibition order in 2022, Noyes is banned from ever working at a federally-insured financial institution.
In January 2021, the federal agency banned two former credit union employees.