The National Credit Union Administration has shuttered CEDC Federal Credit Union of Hempstead, N.Y., and wants to ban its former president and two others from the financial industry.

The $4 million-asset credit union was solvent, so the April 16 closure will not cost the insurance fund any money. NCUA had put the credit union into conservatorship in September 1995 for alleged "weak lending practices and serious operational problems."

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