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I am not sure what these swellings are, but they look like some sort of burls (abnormal growth usually caused by stress, which can include injuries).

Alternatively, this article states that the lilac borer insect can cause swellings on ash trunks. I'm not personally familiar with the damage that insect causes though.
http://edis.ifas.ufl.edu/st261

These bunches actually look like the flower clusters of the ash tree. However, the flowers normally appear in late winter or early spring, so unless you are in the southern hemisphere, these flowers are appearing at the wrong time. The clusters also look overly abundant.

The cause could be perhaps unseasonable weather, or it could be this problem:
http://www.missouribotanicalgarden.org/gardens-gardening/your-garden/help-for-the-home-gardener/advice-tips-resources/pests-and-problems/other/galls/gall-forming-eriophyid-mites.aspx
http://hort.uwex.edu/articles/ash-flower-gall/
https://ask.extension.org/questions/192681

Compare to these pictures of normal flower clusters:
http://forestry.ohiodnr.gov/whiteash

Ash Trees with bark shedding should most likely be inspected by a qualified Arborist.
The shedding could be due to lack of water or even sun scald; but the Emerald Ash Bore is also a very real issue with Ash Trees.

Your County Extension Office can help you with local tree concerns and also recommend someone to inspect your tree.

Here are some links with more information.

https://www.gardeningknowhow.com/ornamental/trees/ash/ash-tree-shedding-bark.htm
https://www.gardeningknowhow.com/extension-search/

Your tree is likely grafted and you are seeing shoot from the graft stock.

These should be pruned as soon as the grow.

https://www.gardeningknowhow.com/ornamental/trees/tgen/tree-sucker-removal-and-tree-sucker-control.htm

http://www.public.asu.edu/~camartin/plants/Plant%20html%20files/fraxinusvelutina.html

Ash Trees do need to be planted in well drained soil. Make sure the soil is moist but not soggy.
You want to water slowly and deeply. You should not be watering daily...you should check the soil, dig down to about 6 inches deep and check the soil. Is it wet or dry?
Applying 3 to 4 inches of hardwood mulch will also help with moisture retention, just keep the mulch at least 6 inches away from the trunk of the tree.

https://www.gardeningknowhow.com/ornamental/trees/ash/growing-white-ash-trees.htm