Embezzling

In September, the National Credit Union Administration barred five people from the industry, including one individual who was accused of working to embezzle more than $1 million.

A former employee in the VyStar Credit Union mail room has been charged in a case involving mail fraud and millions of dollars in stolen stamps.

Credit unions urged to review expense and reimbursement policies, and board oversight of top executives.

Recent NCUA prohibition orders have included restitution payments ranging from $14 million to $18 million, but it remains to be seen whether such stiff penalties will curb the incidence of fraud at CUs.

This is the second consecutive month that restitution payments for accompanying prohibition orders have exceeded $10 million.

That was just one of the five prohibition orders issued by the National Credit Union Administration in April.