NCUA Names 'Permanent' CEO for Conserved Municipal Credit Union
The appointment of Kyle Markland is a key step in the credit union’s recovery, the independent federal agency says.
The NCUA on Monday appointed Kyle Markland president/CEO of the $3.7 billion Municipal Credit Union, which the independent federal agency said completes “the next step in (MCU’s) recovery plan.”
MCU was placed into conservatorship by the NCUA in May 2019 following widespread fraud and corruption that involved its former CEO Kam Wong, five top executives, two supervisory committee members and 13 former board members, leading to more than $18 million in financial losses and $109 million in write-down losses. Wong, who embezzled nearly $10 million, is serving a five-and-a-half-year federal prison sentence.
“The placement of Kyle Markland as the permanent CEO is a key step in the credit union’s recovery and lays the groundwork for its continued financial health and safety and soundness,” John Kutchey, regional director for the NCUA’s Eastern Region, said in a prepared statement
Markland most recently served as COO for the $9.9 billion Bethpage Federal Credit Union in Bethpage, New York’s largest credit union by assets.
Before joining Bethpage in June 2014, he was president/CEO at the $2.9 billion Affinity Plus Federal Credit Union in St. Paul, Minn., and CFO for the $5.4 billion Bellco Credit Union in Greenwood Village, Colo.
Although the NCUA noted that MCU posted a net income of $30.2 million at the end of the third quarter after recording a net loss of $113 million at the end of last year’s third quarter, the federal agency did not say when it is expected to release the credit union from conservatorship.
MCU’s financial turnaround was led by Kay Woods, who was appointed interim CEO after the credit union was conserved. She retired in March when the credit union posted a net income of $8.4 million.
Woods was succeeded by Jane Dobbs, who worked with Woods to turnaround the $1.8 billion Arrowhead Central Credit Union in Rancho Cucamonga, Calif., and the $1.8 billion Texans Credit Union in Richardson, Texas.
Dobbs is now serving as conservatorship advisor, according to her LinkedIn profile.