Former Credit Union CEO banned for life

allegedly permitted a credit union member to “repeatedly and excessively” maintain overdraft balances in excess up to $74,000

Michael Viselli, now former president and CEO has paid a price for violating policy. Violations that allowed one member to maintain accounts to be overdrawn as much as $74K for as long as four months. Violations that now prohibit him from ever again participating in the involvement of any insured credit union.

Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1M.

Former president and CEO of $71.7M of Ingersoll-Rand Federal Credit Union in Athens, PA, Michael Viselli, has been officially banned by for life by the National Credit Union Administration (NCUA.) Viselli, who denies the allegations, has regardless been banned under the following statement.

The NCUA Board finds, and Respondent neither admits nor denies, the following:

While an employee of the Credit Union, Respondent permitted one Credit Union member to repeatedly and excessively overdraft his account in amounts and for durations that exceeded Credit Union policy; and

Respondent permitted the accounts referenced to be overdrawn in amounts up to $74,386.23 and for durations of approximately four-and-one-half months; and

The Credit Union ultimately charged off $39,254.26 as uncollectable amounts from the accounts referenced; and

Respondent paid to the Credit Union $37,178.17 in connection with the charged off amounts; and

Respondent’s actions harmed the Credit Union and benefited Respondent; and

Respondent’s actions constitute unsafe or unsound practices on the part of Respondent and demonstrate his unfitness to serve as an institution-affiliated party of any insured credit union.

Source: NCUA

Former Credit Union CEO banned for life – NCUA – Credit Union Collections