Navy's McDonnell Resigns From CUNA Mutual Board; World's Largest CU Involved in New Projects, Expansion

MADISON, Wis. – When you’re the CEO of not only the world’s largest credit union, but a credit union that is growing rapidly and expanding into new areas, time is a valuable commodity. Navy FCU President/CEO Brian McDonnell resigned from the board of CUNA Mutual Group at the recently held CUNA Mutual Life Insurance Company meeting. McDonnell cited the need for more time to run Navy FCU. “I’ve been on the CUNA Mutual Board for the last five and a half years. I don’t have enough time to go around. We’re growing strongly here and getting into many different things,” said McDonnell. There have been a lot of changes at Navy. It recently launched its business lending initiative; it opened its first off-site call center in Pensacola, Florida that will eventually employ 500 people; and its potential FOM has increased dramatically due to NCUA’s new FOM rules. Navy can now serve all Navy and Marine Corps military personnel, Department of the Navy (DON) civilian personnel, Department of Navy contractors who are assigned to or work at a U.S. Government site on a regular basis, and their families. The biggest change there is prior to the NCUA FOM changes, Navy could not serve the enlisted on bases where another credit union already existed. So for example despite the large presence of Navy and Marines out West, Navy doesn’t have many of the enlisted as members. That is something the CU is trying to change. The credit union’s assets are also growing at a healthy clip. It hit the $20 billion mark last year and already it is at $21.8 billion. McDonnell, 60, said there’s no ulterior reason for him leaving the CUNA Mutual Board. “We have things (products) we use them for, and things we don’t use them for. It was a good experience, we made a lot of healthy changes,” said McDonnell, who noted that serving on the board of the industry’s largest insurer isn’t a passive job. “They had me involved in a lot of things.” McDonnell is also on the board of NAFCU and the Consumer Federation of America. He plans to continue on in those roles. The CUNA Mutual Board will appoint someone by year-end to fill McDonnell’s slot. At full strength, the board consists of 13 directors. The board elected CEFCU President/CEO Eldon Arnold to fill McDonnell’s role of vice chairman. CUNA Mutual is no stranger to filling unexpected board voids. In late 2002, Orange County Teachers FCU President/CEO Rudy Hanley resigned from the board also because of time commitments. Also in late ’02, former United Airlines Employees CU (now Alliant CU) President/CEO Bob Bream resigned from the board due to his resignation from the credit union to take a job with Certegy. CEFCU’s Arnold and former senior officer of CIGNA Retirement and Investment Services Tom Jones filled those empty seats. Both still serve on the board. [email protected]