UNITED STATES OF AMERICA

**NATIONAL CREDIT UNION ADMINISTRATION**

**NATIONAL CREDIT UNION ADMINISTRATION BOARD**

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

**IN THE MATTER OF )**

**)**

**Louise Jacobson, )**

**Former President )**

**Peoples and Employees )**

**Federal Credit Union, ) DOCKET NO. 07-0301-III**

**Fort Wayne, Indiana )**

**)**

## **STIPULATION AND CONSENT TO ISSUANCE** 

**[OF AN ORDER OF PROHIBITION]{.underline}**

The National Credit Union Administration Board (NCUA Board), by and
through its undersigned counsel, and Louise Jacobson, former President
of Peoples and Employees Federal Credit Union, Fort Wayne, Indiana,
hereby stipulate and agree as follows:

1.  [Consideration]{.underline}. The National Credit Union
    Administration (NCUA) is of the opinion that grounds exist to
    initiate an administrative prohibition against Louise Jacobson
    pursuant to Section 206 of the Federal Credit Union Act, 12 U.S.C.
    §1786. Louise Jacobson, without admitting or denying that said
    grounds exist (except those set forth as to Jurisdiction in
    paragraph 2), desires to avoid the time, cost and expense of
    administrative litigation. Accordingly, Louise Jacobson consents to
    the issuance by the NCUA Board of an Order of Prohibition (Order)
    and hereby stipulates and agrees to the following terms in
    consideration of the settlement, compromise and resolution of all
    potential administrative claims and charges that have been or might
    be asserted by the NCUA Board against Louise Jacobson arising out of
    her position as President of Peoples and Employees Federal Credit
    Union.

2\. [Jurisdiction]{.underline}.

\(a\) Louise Jacobson is an "institution-affiliated party" within the
meaning of Section 206(r) of the Federal Credit Union Act, 12 U.S.C.
§1786(r).

\(b\) Pursuant to the authority vested in the NCUA Board under Section
206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g), and Part 747
of the National Credit Union Administration Rules and Regulations, it is
an appropriate Federal agency to maintain enforcement proceedings
against an "institution-affiliated party". Therefore, Louise Jacobson is
subject to the authority of the National Credit Union Administration to
initiate and maintain prohibition proceedings against her.

3\. [Consent]{.underline}. Louise Jacobson consents to the issuance by
the NCUA Board of the accompanying Order of Prohibition. She further
agrees to comply with its terms upon issuance and stipulates that the
Order complies with all requirements of the Federal Credit Union Act.

4\. [Waivers]{.underline}. Louise Jacobson waives her right to the
administrative hearing provided for in Section 206(g)(4) of the Federal
Credit Union Act, 12 U.S.C. §1786(g)(4). She further waives her right to
seek judicial review of the Order of Prohibition or to otherwise
challenge the validity or legality of the Order.

5\. [Other Actions]{.underline}. Pursuant to this Stipulation, the Order
settles and resolves any NCUA Board claims, known and unknown, against
Louise Jacobson as provided by paragraph 1 of this Stipulation. The
Stipulation, however, does not release, discharge, compromise, settle,
resolve or in any way effect any actions, claims, charges against, or
liabilities that arise and that may be or have been brought by Peoples
and Employees Federal Credit Union, or any federal or state government
agency or entity other than the NCUA Board.

6\. [Finality]{.underline}. The Order of Prohibition is issued pursuant
to Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g).
Upon its issuance by the NCUA Board, it shall be a final Order,
immediately effective and fully enforceable by the National Credit Union
Administration.

WHEREFORE, in consideration of the foregoing, the undersigned counsel on
behalf of the National Credit Union Administration and Louise Jacobson
execute this Stipulation and Consent to Issuance of an Order of
Prohibition.

By:
\_\_\_\_\_\_\_\_\_\_\_[/s/]{.underline}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
\_\_[3/28/07]{.underline}\_\_\_\_\_

Dianne Salva, Trial Attorney Date

Office of General Counsel

\_\_\_\_\_\_\_\_\_\_\_[/s/]{.underline}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
\_\_\_[11/27/06]{.underline}\_\_\_

Louise Jacobson Date

**UNITED STATES OF AMERICA**

**NATIONAL CREDIT UNION ADMINISTRATION**

**NATIONAL CREDIT UNION ADMINISTRATION BOARD**

**\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_**

**IN THE MATTER OF )**

**)**

**Louise Jacobson, )**

**Former President ) DOCKET NO. 07-0301-III**

**Peoples and Employees )**

**Federal Credit Union, )**

**Fort Wayne, Indiana )**

###  )

### 

### ORDER OF PROHIBITION

**WHEREAS,** Louise Jacobson, former President of Peoples and Employees
Federal Credit Union ("Credit Union"), is an "institution-affiliated
party" participating in the affairs of said credit union; and

**WHEREAS,** Louise Jacobson has executed a Stipulation and Consent to
Issuance of an Order of Prohibition, which is accepted and approved by
the National Credit Union Administration acting through its counsel; and

**WHEREAS,** Louise Jacobson has stipulated and consented to the
issuance of this Order of Prohibition pursuant to Section 206(g) of the
Federal Credit Union Act, 12 U.S.C. §1786(g) and Part 747 of the Nation
Credit Union Administration Rules and Regulations, 12 C.F.R. §747.

**NOW, THEREFORE, IT IS ORDERED THAT:**

1.  Louise Jacobson is prohibited from further participation, in any
    manner, in the conduct of the affairs of any federally insured
    credit union and any other institution as defined in Section
    206(g)(7) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(7).

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1.  The Stipulation and Consent to Issuance of this Order of Prohibition
    is made a part hereof and is incorporated herein by reference.

This Order of Prohibition shall become effective on the date it is
issued.

**NATIONAL CREDIT UNION ADMINISTRATION BOARD**

BY: [/s/]{.underline} DATE: [4/6/07\_\_\_]{.underline}

Alonzo Swann, Regional Director

National Credit Union Administration, Region III