Less than a month after he retired as president/CEO of the $2.7 billion Michigan State University Federal Credit Union, Pat McPharlin was appointed to a new job as Michigan's director of the Department of Insurance and Financial Services.
Michigan Gov. Rick Snyder announced McPharlin's appointment on Tuesday.
McPharlin retired from the East Lansing-based MSUFCU on March 17 following 14 years as its CEO. He launched his career at the credit union in 1973. Under his leadership, MSUFCU's assets grew from $546 million to more $2.6 billion. He also increased membership from 97,000 to more than 183,000.
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"With Pat at the helm, we can continue to ensure strong consumer protection and information while helping position the insurance and financial services sectors for continued economic growth statewide." Michigan Gov. Rick Snyder said in prepared statement.
The Governor's prepared statement did not contain a comment from McPharlin, and efforts to reach McPharlin for comments were unsuccessful.
"Michigan will be well-served with Pat McPharlin at the helm as the new director of DIFS," David Adams, president/CEO of the Michigan Credit Union League, said in prepared statement. "Pat's extensive financial services experience and his knowledge of what constitutes an effective 'safety and soundness regulatory balance,' will equip him to help financial services companies and their customers thrive in Michigan's growing economy."
McPharlin will start his new job on May 15.
He replaces Ann Flood, who is returning to a private sector position after serving as Michigan's DIFS director since October 2013, the Governor's office said.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
