A New Beginning for MCU With New Board, Executive Team & Supervisory Committee
New York’s oldest financial cooperative charts a new course for future growth.
Less than two weeks after federal and state regulators released it from a 33-month conservatorship, the $4.1 billion Municipal Credit Union in New York announced last week a new board of directors, supervisory committee and executive leadership team.
Tom Canty chairs the new board, Meisha Porter is vice chair, and serving as secretary-treasurer is James Saunders. Phil Alvarez and Joseph N. Garba are board members.
MCU’s supervisory committee will be chaired by George Cherubini and Juanita Holmes and Tricia L. Roberts are members.
MCU’s seven-member executive leadership team includes Kyle Markland, who was appointed last year as president/CEO; Robert Bedford, general counsel; George Chacon, chief strategy officer; Stephanie Clancy, chief member experience officer; Juan Luna, chief information officer; Frank Madeira, chief financial officer, and Toni-Ann Sforza, chief human resources officer.
“Municipal Credit Union is excited to chart a new course to connect our members and communities with an exceptional financial future,” Markland said in a prepared statement. “Through strengthening our operations, restructuring, and reinvigorating our executive team – and of course the extraordinary dedication of our front-line employees – we have not only seen membership growth, but a greater sense of trust from the nearly 600,000 members who count on us.”
MCU was conserved in May 2019 following a widespread fraud and corruption scandal that led to more than $18 million in financial losses, $109 million in write-down losses, and three criminal convictions.
At the end of 2019, the credit union posted a net loss of $82,731,445, according to NCUA financial performance reports. Despite the series of scandals, MCU’s membership fell by only 1.52% in 2019, increased by 3.23% in 2020, and declined slightly by less than one percent in 2021, NCUA financial performance reports showed.
Though MCU’s loans declined by 1.23% in 2019 and 5.70% in 2020, its loans grew by 5.25% in 2021. The credit union ended that year with a net gain of $111 million, up from a net gain of nearly $46 million in 2020.
At the end of 2021, the credit union’s net worth was 7.21%, according to NCUA financial performance reports.