Steven Krauser was appointed interim president/CEO of the $1.9 billion Melrose Credit Union after the credit union got into some trouble due to a concentration in taxi medallion loans. The credit union is looking to diversify its loan portfolio, which is highly concentrated with troubled taxi medallion loans, leading to more than $180 million in net income losses over the last year.
Krauser (pictured) replaced 34-year CEO Alan Kaufman who left the Briarwood, N.Y.-based credit union two weeks ago.
Krauser joined Melrose CU in 2014 as its senior vice president of retail operations and earned a salary of $100,800, according to Melrose's 2014 IRS 990 document, the most recent filing publicly available.
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