Lobby of the NCUA.
The NCUA on Thursday issued a prohibition order against a former employee of a New Jersey credit union for making unauthorized transfers of more than $99,000 from various member accounts to her daughter's account to pay debts and personal bills.
Ashley N. Davis worked at the $12.8 million Newark Firemen Federal Credit Union. The federal agency did not identify her job title.
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She made the unauthorized transfers from February through July 2020.
The NCUA did not report how the unauthorized transfers were detected, how many members' accounts were involved, whether law enforcement was notified or whether Davis made restitution.
According to the consent order, "in the interest of cooperation and to avoid the costs associated with future and judicial proceedings," Davis, without admitting or denying any wrongdoing, agreed to sign the prohibition order in January.
In 2020, Newark Firemen posted a loss of $629,272. At the end of last year, however, the credit union recorded a gain of $200,897, according to NCUA financial performance reports.
The prohibition order bans Davis from ever participating in the affairs of any federally insured financial institution. She is the third former credit union employee to consent to an NCUA prohibition order this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
