ALEXANDRIA, Va. — NCUA Friday issued a cease and desist order to David Addison, formerly the chief executive of Texans Credit Union.
He consented to NCUA's order without admitting fault, according to a statement from the regulator.
The order requires that Addison not become an employee of, hold any office in or serve as a board member of any federally insured CU or credit union service organization.
He was fired from Texans CU of Richardson, Texas, in 2009, and NCUA later alleged that his negligence led to the failure of the one-time $2 billion CU.
Addison later claimed in federal court that any losses that the CU suffered weren't the result of CUSO purchases he made while chief executive but were the result of the economic crisis.
NCUA went on to sue Addison in a civil suit, claiming that he was "grossly negligent" in his management of the CU. The regulator ran the CU in conservatorship for more than two years, including infusing a $60 million emergency loan.
The CU holds $1.4 billion in assets and earned more than $23 million last year.
