Campus entrance of Georgetown University, Washington, D.C. (Source: Shutterstock)
The board of directors for the $15.3 million Georgetown University Alumni and Student Federal Credit Union in Washington, D.C., said it appointed Matthew O'Donnell, less than two weeks after the student-run cooperative suspended its former President/CEO Kuran Malhotra.
O'Donnell was named CEO on Oct. 11, the same day that The Hoya, a Georgetown University student newspaper, published allegations that Malhotra allegedly "fostered a toxic work environment and engaged in instances of inappropriate touching in social settings." The newspaper said these allegations were made by a high-ranking GUASFCU leader and three staffers at the Hilltop Microfinance Initiative, another student run non-profit organization that provides small business loans. Malhotra was also reportedly suspended from HMI where he was the CFO.
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The credit union acknowledged it had been informed about the allegations against Malhotra and that it had begun an internal investigation.
Matthew O'Donnell "As we congratulated Matt on his new position, the board of directors reminded our interns of the importance of promoting an environment in which respect for our fellow interns and members is one of our paramount concerns," GUASFCU said in a prepared statement released late Tuesday to CU Times. "In addition, we reminded our interns of the resources Georgetown has available for its students who believe they have experienced any type of misconduct."
Malhotra did not respond to a CU Times message seeking comment.
Kuran Malhotra All of GUASFCU's positions are held by student interns. Before Malhotra was named CEO, he served as the credit union's chief technology officer, an IT specialist and as a member service representative. He also was a member of the financial auditor and supervisory committee.
When contacted by CU Times, a Georgetown University spokesperson said the university has robust policies and practices to respond to complaints of sexual misconduct.
"The university encourages students with complaints to report those through appropriate channels, i.e. the university's Title IX Coordinator, so the university can address such complaints appropriately and ensure that those impacted by it are connected with supportive resources. The university does not comment on individual student matters," the spokesperson said.
The university's Title IX Coordinator's office did not respond to a CU Times request for comment.
Before becoming its new CEO, O'Donnell served as the credit union's chief strategy officer, interim chief lending officer, chief technology officer, member service representative and teller over the last three years. He expects to graduate from Georgetown University in 2020.
Although the credit union was well capitalized at 10.14% at the end of June, its membership has dropped substantially by 54% from 7,486 in December 2014 to 3,419 in December 2018, according to GUASFCU's Call Reports filed with the NCUA. The credit union's membership dropped again, slightly, to 3,314 by the end of June 2019. GUASCFU's potential membership pool has ranged from 15,000 to 18,000.
Despite this membership loss, GUASFCU has seen its total loans increase from $1.1 million in 2014 to $5.2 million in 2018. Total loans reached $5.6 million by the end of June 2019, according to NCUA financial performance reports.
Over the last five years, it has posted net income gains except for 2016 when it recorded a net income loss of more than $87,000. GUASFCU manages $1.6 million in capital and $9 million in investments.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
