An NMC panel heard allegations about Marie Ratcliffe's clinical practice with a high-risk induced birth in September.
She had previously been criticised in connection with the deaths of babies at the hospital.
Ms Ratcliffe has decided to retire.
The NMC had concerns about her alleged failure to obtain consent, prepare equipment, support colleagues, call for assistance or keep proper records.
There are similarities to previous worries about her work, so the NMC said it intends to carry out a full investigation over the next 18 months.
Ms Ratcliffe's actions had been criticised in 2004 by an internal review carried out by the University Hospitals of Morecambe Bay Trust following the death of Elleanor Bennett in February of that year.
She is the second Furness General midwife to be considered by the NMC this week.
On Thursday, Jennifer Bowns was cleared to carry on working despite admitting failings in two births where babies died at Furness General in 2011.
She admitted making inaccurate records, failing to make a risk assessment and failing to call a doctor.
Her actions were ruled misconduct, but she was not sanctioned further as she had "addressed and remedied her failures".
Ms Bowns is no longer in the employment of the University Hospitals of Morecambe Bay.
A midwife at Barrow's Furness General Hospital has been banned from practicing for 18 months while the Nursing and Midwifery Council investigates an incident.