Three prohibited by credit union regulator from working at financial institutions

Three former credit union workers were prohibited from work at any federal insured financial institution last month by the credit union federal regulator over individual actions related to embezzlement and troubled debt restructurings (TDRs).

The National Credit Union Administration (NCUA) said Wednesday that Stephanie Joyce-Benne Beauford, a former employee at Michigan First Credit Union of Lathrup Village, Mich., was prohibited after being sentenced on a charge of embezzlement (which the agency noted is a “criminal offense involving dishonesty and breach of trust”).

Also in March, the agency prohibited two former employees of Western Heritage Federal Credit Union in Alliance, Neb. The two were prohibited after consenting to the prohibition order and agreeing to comply with all of the order’s terms.

According to filings made by NCUA, Jennifer N. Zanassi (formerly chief executive officer of the credit union) and Melissa M. Mosher (a former manager at the institution), among other things, obtained TDRs of existing used-automobile loans, from which both personally obtained additional funds at the time of each TDR. The agency said the actions violated federal laws.

NCUA Issues Prohibition Notice and Orders (April 2020)