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IN THE MATTER OF:
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WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of the Banking Law of Connecticut under Title 36a of the Connecticut General Statutes (“C.G.S.”);
WHEREAS, Yolanda O’Keefe (“O’Keefe”), at all times relevant to this matter, was an employee of Connecticut Community Credit Union, a Connecticut credit union, and, as such, was a “related person” within the meaning of C.G.S. § 36a-53(a)(1);
WHEREAS, the Commissioner, through the Financial Institutions Division of the Department of Banking, conducted an investigation pursuant to C.G.S. § 36a-17(a) into the activities of O’Keefe to determine whether she engaged in conduct that may warrant the Commissioner taking any action within the Commissioner’s jurisdiction;
WHEREAS, as a result of such investigation, the Commissioner alleges that O’Keefe engaged or participated in an unsafe or unsound practice in connection with a credit union, which forms the basis to remove O’Keefe from office pursuant to C.G.S. § 36a-53(b)(1)(C) and impose a civil penalty pursuant to C.G.S. § 36a-53(d) and § 36a-50(a);
WHEREAS, as a result of such investigation, the Commissioner further alleges that O’Keefe used her position in a manner contrary to the interest of a credit union and its members, which forms the basis to remove O’Keefe from office pursuant to C.G.S. § 36a-53(b)(1)(E) and impose a civil penalty pursuant to C.G.S. § 36a-53(d) and § 36a-50(a);
WHEREAS, an administrative proceeding initiated under C.G.S. § 36a-53 would constitute a “contested case” within the meaning of C.G.S. § 4-166(2);
WHEREAS, C.G.S. § 4-177(c) and § 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
WHEREAS, both the Commissioner and O’Keefe acknowledge the possible consequences of formal administrative proceedings, and O’Keefe voluntarily agrees to consent to the entry of the Sanction described below without admitting or denying any allegation set forth herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegations set forth herein;
WHEREAS, O’Keefe agrees to the language of this Consent Order;
AND WHEREAS, O’Keefe, through her execution of this Consent Order, voluntarily agrees to waive her procedural rights, including the right to notice and an opportunity for a hearing on the allegations set forth herein, and voluntarily waives her right to seek judicial review of or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, O’Keefe, through her execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
- Commencing on the date that this Consent Order is executed by O’Keefe, O’Keefe may not, without the consent of the Commissioner, hold any position as a director, officer, employee or independent contractor with any bank, Connecticut credit union or federal credit union, as defined in C.G.S. § 36a-2, or with a holding company that holds a subsidiary that is a bank, as defined in C.G.S. § 36a-2; or as licensee or registrant under C.G.S. Titles 36a or 36b.
NOW THEREFORE, the Commissioner enters the following:
- The Sanction set forth above be and is hereby entered;
- Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against O’Keefe based upon the allegations set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against O’Keefe based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by O’Keefe and reflected herein is subsequently discovered to be untrue; and
- This Consent Order shall become final when issued.
So ordered at Hartford, Connecticut
this 14th day of January, 2014. ____________/s/_____________
Howard F. Pitkin
I, Yolanda O’Keefe, state that I have read the foregoing Consent Order; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that I voluntarily agree to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
On this the 13th day of January, 2014, before me, Yolanda O'Keefe, the undersigned officer, personally appeared James C. Driscoll, III, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
Date Commission Expires: 6/30/2016