Respondents do not believe that NCUA has grounds to initiate this Order but desire to cooperate with the NCUA to avoid the time, cost and expense of such administrative litigation and hereby stipulate and agree, without admitting that any statute, NCUA Regulation or other binding stipulation has been violated, to the terms, conditions and assessments as set forth in the Order in consideration of the forbearance of the NCUA from conducting a formal hearing and imposing additional remedial sanctions. Therefore, Respondents are subject to the authority of the NCUA to initiate and maintain Cease and Desist and Civil Money Penalty proceedings against them. Respondents consent to the issuance by the NCUA Board of the accompanying Order.
Respondents further agree to comply with all of the terms and conditions set forth in the Order.
Respondents stipulate that the Order complies with all requirements of the law. They further waive their right to seek judicial review of the Order or otherwise challenge the validity or legality of this Order. Respondents will only sell investments which are authorized pursuant to Part 703 to federal credit unions and will not sell investments which federal credit unions are prohibited from purchasing under Part 703. 3. Respondent Bruce Carter will assist the NCUA in any investigations of his former employers. Respondents will, upon written request of the Office of General Counsel, provide NCUA with a written list of the names and a complete account statement of all credit union customers once per calendar year for the three years following the date this Order is approved by the NCUA Board.