The NCUA announces new orders.
Three former employees, including a CEO and a manager who worked at a Nebraska credit union, and a former teller who worked at a Michigan cooperative, were banned from participating in the affairs of any federally-insured financial institution, the NCUA said Wednesday.
Jennifer N. Zanassi was former vice president of operations, interim CEO and CEO from September 2016 to September 2018 at the $61.3 million Western Heritage Federal Credit Union, and Melissa M. Mosher was a former manager from February 2007 to September 2018 at the Alliance, Neb.-based credit union.
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According to an NCUA investigation, Mosher applied for and accepted a trouble debt restructuring on an existing automobile loan in which she personally obtained approximately $5,766 in additional funds. The TDR involved a term of 13 and half years and a 2% interest rate that were not available to other credit union members. That TDR, which Mosher defaulted on, was approved by Zanassi.
What's more, Mosher also received, worked up and promoted to WHFCU's board chair two successive TDRs within four months on an existing used automobile loan for Zanassi, who allegedly received $112,000 secured by a 2014 car. That left WHFCU with an unsecured exposure of $75,000 because of the two TDRs, the NCUA said in its consent order.
The former CEO defaulted on the two TDRs, according to the NCUA.
Although Zanassi and Mosher neither admitted nor denied the findings of the NCUA's investigation, their actions allegedly violated federal regulations and WHFCU's policies.
The NCUA also banned Stephanie Joyce-Bennett Beauford, a former teller at the $980 million Michigan First Credit Union in Lathrup Village, Mich. She was sentenced in February to 2.5 years of probation for embezzling $24,000 from a 92-year-old member's account while the member was in the hospital. Michigan authorities said Beauford has already paid $24,000 in restitution.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
