NCUA Bans Two Former Credit Union Employees
The agency bans 35 ex-employees in 2020, down from 40 in 2019. The NCUA also issues two cease and desist orders in 2019.
The NCUA banned two former employees from participating the affairs of any federally-insured financial institution.
Vanessa Anderson-Hollins, a former employee of the $5.3 million Port of Houston Warehouse Federal Credit Union in Houston, agreed to a prohibition order for allegedly failing to deposit $9,177 in members’ cash deposits. She used the funds for her own personal use, according to the NCUA.
Anderson-Hollins did not admit or deny any wrongdoing. The prohibition order did not indicate whether she agreed to or made restitution.
Janine Wilson, a former employee of the $212 million Preferred Credit Union in Grand Rapids, Mich., agreed to a prohibition order after she allegedly took $4,775 from her teller drawer.
Wilson did not admit or deny any wrongdoing. The prohibition order did not indicate whether she agreed to or made restitution.
The new prohibition orders, released on Dec. 31, brought the total number of former credit union employees placed on the banned list to 35 in 2020. The independent federal agency banned 40 former credit union employees in 2019.
What’s more, in 2019 the NCUA issued two cease and desist orders for the $681,091 Phi Beta Sigma Federal Credit Union in Washington, D.C., and the $596,966 Defense Logistics Federal Credit Union in Picatinny Ars, N.J., according to the federal agency’s administrative orders site.
The NCUA did not post a press release in 2019 when the cease and desist orders were issued. However, in December 2016, the agency posted a press release when it issued a cease and desist order for the $57,984 S M Federal Credit Union in Philadelphia. The credit union is listed as inactive, according to the NCUA.
The NCUA’s administrative orders site does not list any cease and desist orders for 2020.
Phi Beta Sigma FCU consented to implementing to 18 different stipulations including developing BSA procedures and training, completing audits, verifying member accounts, documenting internal controls and discontinuing the underwriting of new loans until credit committee members receive appropriate training.
Defense Logistics FCU consented to implementing 15 different stipulations such as completing a review of the entire membership and verifying each members’ identity, conducting a BSA audit, performing periodic internal control procedures, obtaining a supervisory committee audit report, maintaining a list of loan extensions and revising loan charge-off methodologies.
The NCUA did not respond to CU Times‘ request to explain why it did not issue a press release for these cease and desist orders.