JACKSON, Miss. — Former Jackson Area Federal Credit Union CEO Leigh Bridges is asking a federal judge to give her access to frozen retirement funds, arguing she has no income and cannot pay basic living expenses or legal fees, even as the National Credit Union Administration alleges she converted credit card reward points into tens of thousands of dollars in gift cards after a court froze her assets.
The competing claims are among the latest developments in the NCUA Board’s civil case against Bridges, her husband, Chad Bridges, and Tina Funez in U.S. District Court for the Southern District of Mississippi.
The NCUA Board, acting as conservator of Jackson Area FCU, alleges Leigh Bridges misappropriated at least $51 million from the credit union. No final determination has been made on those allegations.
Bridges’ attorneys contend her financial circumstances have changed dramatically since the court imposed a preliminary injunction freezing her assets. The injunction contemplated Chad Bridges’ salary being available to pay living expenses, attorney fees and costs associated with maintaining property covered by the court order.
Chad Bridges, however, lost his approximately $120,000-a-year job with the Mississippi Insurance Department in June and has not found another full-time position, according to court filings. He is receiving $235 a week in unemployment benefits that are expected to end around December. Leigh Bridges’ filing says she now has no income.
Bridges Seeks Access to Retirement Funds
In her Sept. 10 motion, Leigh Bridges argues her retirement accounts are exempt from attachment under Mississippi law and cannot be traced to money the NCUA alleges was misappropriated from Jackson Area FCU. Her attorneys contend continuing to freeze the accounts serves no lawful purpose because the NCUA would not be able to attach the retirement assets even if it ultimately obtains a judgment against her.
Bridges also argues that without access to the money she cannot pay basic living expenses, obligations imposed by the court or attorney fees necessary to defend herself. Her motion asks the court to lift the freeze on her retirement funds. The filing appears to contain a garbled reference to the precise amount involved, listing figures of $291,000 and $567,000.
The NCUA is pushing in the opposite direction.
In a Sept. 14 filing, the agency asked the court to modify, clarify and more strictly enforce preliminary injunctions freezing the defendants’ assets. The NCUA contends the defendants have not adequately disclosed how they are paying their living expenses and may be using frozen assets.
NCUA: Bridges Redeemed Points After TRO
Among the most significant new allegations is the NCUA’s contention that Leigh Bridges converted credit card reward points into gift cards after she was served with the temporary restraining order.
According to the NCUA, Bridges was served with the TRO May 29 and between June 1 and June 18 attempted to redeem some of her points for as much as $200,000 in cash-equivalent gift cards. The agency said the attempt was initially blocked by a fraud alert.
The NCUA said Bridges ultimately redeemed points for at least $32,750 in gift cards after May 30, including $12,000 on May 30, the day after she was served with the TRO. Additional redemptions occurred June 3, June 10, July 3, July 11, July 20 and July 26, according to the filing.
The agency said it learned about the redemptions after receiving information from American Express in response to an administrative subpoena. According to the NCUA, Bridges did not disclose the redemptions through her attorney until Aug. 12.
The NCUA said Bridges redeemed $41,200 in gift cards during all of 2026 and reported having $15,035.05 remaining as of Aug. 19. Based on those figures, the agency calculated she spent at least $17,714.95 of the gift cards redeemed after the TRO took effect.
The NCUA is asking the court to clarify that credit card points and gift cards constitute property covered by the asset freeze and order the remaining cards and points turned over.
According to the filing, Leigh Bridges has $15,035.05 in gift cards and Chad Bridges has $10,384.01. The NCUA said Leigh Bridges’ attorney has represented that she would stop using the points and return the remaining gift cards, but the agency said it had not received them as of the filing.
Chad Bridges Sought $14,865 Leave Payout
The NCUA also said it learned Sept. 2 that Chad Bridges had requested a cash payout of 240 hours of accrued leave from his former employer, the Mississippi Insurance Department. The benefit was valued at $14,865.60.
The agency argues the accrued leave constitutes property covered by the preliminary injunction and said Chad Bridges did not notify it before requesting the payout.
Chad Bridges separately is seeking access to his retirement accounts to pay living expenses and legal fees.
In a Sept. 11 filing, Bridges argued the NCUA has produced no evidence that money from Jackson Area FCU or Leigh Bridges was deposited into his retirement accounts.
His attorneys said his Mississippi deferred-compensation plan was funded exclusively through payroll deductions from his state salary dating to 2004. His IRA, they said, originated with a 401(k) rollover from Blue Cross & Blue Shield of Mississippi in 2003, years before the period during which the NCUA alleges Leigh Bridges began misappropriating money from the credit union.
Chad Bridges argues the retirement accounts are exempt from attachment under Mississippi law and should be released from the freeze.
NCUA Questions How Expenses Are Being Paid
The NCUA said Chad Bridges is paying $2,900 a month in rent and utilities despite receiving only $235 a week in unemployment benefits and contends that suggests he is using money from another source.
The agency also said it has not received financial account statements from Chad or Leigh Bridges documenting their expenditures.
Funez, a former JAFCU employee who has also been sued by NCUA, has provided more information about her spending, the NCUA said, although it contends those disclosures are incomplete and that she appears to be earning only minimal employment income.
The agency wants the defendants prohibited from using frozen funds unless they demonstrate the money is necessary for basic, non-luxury living expenses. It also wants past and future account statements and an accounting of expenditures.
If frozen funds already have been spent, the NCUA wants the defendants required to reimburse the agency from assets later determined to be exempt from the freeze.
Questions Raised About Property in Honduras
The NCUA also is seeking information about potentially valuable property that may have been moved among residences or taken outside the United States.
The agency said Chad Bridges moved from the couple’s Sleepy Hollow residence into an apartment and was observed returning several times to retrieve property. Leigh Bridges moved to the Eastbrooke condominium previously occupied by Funez and was permitted to take items to furnish it, but the agency said it does not know precisely what was removed.
The NCUA wants all three defendants ordered to identify property in their possession worth more than $100. It also wants them to identify property valued at more than $100 that was taken during the past six months to a dwelling in Utila, Honduras.
The NCUA said the Bridges and Funez made at least one trip to Utila after Leigh Bridges admitted misappropriating credit union funds in April. The agency said jewelry or other valuable property could have been moved there and noted that it cannot readily inspect the property.
The NCUA is not currently seeking repatriation of property from Honduras but argued the court has authority to order such action if necessary. For now, it wants the defendants required to disclose what was taken to the Utila property.
The NCUA also stopped short of asking the court to hold the Bridges in contempt over the gift-card redemptions and attempted leave payout. Instead, it is asking the court to clarify that accrued leave, credit card points and gift cards constitute property subject to the injunction and impose additional controls designed to prevent further dissipation of assets.
The CU Financials
As the CU Daily reported, NCUA placed the then $143-million JAFCU into conservatorship on May 6 and appointed itself conservator. JAFCU reported total assets of approximately $162.4 million and equity of approximately $14.7 million as of Dec. 31, 2025. On its mid-year 5300, JAFCU listed assets of $60.8 million and posted a loss of $103 million and net worth of -145%.
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