OFIR Prohibits Former United Catholic Credit Union Manager from Working in Industry

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Sharon Broadway banned from credit union industry

December 4, 2012
Media Contact: Jason Moon 517-335-1700
Consumer Hotline: 877-999-6442

LANSING - The Office of Financial and Insurance Regulation (OFIR) has prohibited Sharon Broadway, former manager of United Catholic Credit Union (UCCU) in Temperance, MI, from working in the credit union industry.

An OFIR investigation found that during Broadway’s management of UCCU, she misappropriated credit union funds, filed false financial statements, violated UCCU policies and failed to comply with state and federal laws.

“The Michigan Credit Union Act gives OFIR the authority to protect consumers from unscrupulous or unqualified individuals by preventing them from ever working in the industry again,” OFIR Commissioner Kevin Clinton said.

In November 2012, Michigan Attorney General Bill Schuette charged Broadway with embezzling approximately $2.1 million from UCCU. It is alleged that as manager, secretary and board member of UCCU, Broadway was able to keep her crimes hidden using a complex money laundering scheme involving multiple aliases and forged checks. According to the charges, Broadway used the embezzled money as her personal funds.   

OFIR closed UCCU in August 2012 and appointed the National Credit Union Administration (NCUA) as receiver. An OFIR examination found that UCCU was operating in an unsafe and unsound manner and insolvent. UCCU member deposits were federally insured by the National Credit Union Share Insurance Fund.

Broadway has consented to OFIR’s prohibition order.

If Michigan consumers have a question, concern or complaint regarding the credit union industry they can call OFIR’s toll-free consumer hotline at 877-999-6442 or visit the agency online at www.michigan.gov/ofir

To view OFIR’s prohibition order, visit: www.michigan.gov/documents/lara/Broadway_404847_7.pdf

To view the order appointing the NCUA receiver for United Catholic Credit Union, visit: www.michigan.gov/documents/lara/UCCU_394766_7.pdf