Many Groups Deserve Thanks for Municipal Credit Union’s Turnaround

Dear Editor:

Regarding Peter Strozniak’s March 7 piece, “A New Beginning for MCU With New Board, Executive Team & Supervisory Committee,” all of us at Municipal Credit Union appreciate the coverage. Although I was the only person at MCU quoted in that article – and I have received many congratulatory calls, messages and texts – MCU’s remarkable turnaround is in no way due just to me. I want to openly recognize the dedication, teamwork and support of those who helped return Municipal Credit Union to its rightful owners:

Members

Members are the reason a credit union exists. At MCU, we have the privilege of serving the everyday heroes who serve the Greatest City in the World. They were the North Star in all of our decisions and actions, as we continually asked ourselves: How do we build a solid foundation for the organization to quickly return ownership back to its members?

Volunteers

Our board and supervisory committee are dedicated to being the governance and financial stewards of the organization. All of our volunteers have a strong personal tie to Municipal Credit Union, and are committed to ensuring the organization is strong and vibrant for current and future generations of members.

One Team

We refer to all 500 employees of Municipal Credit Union as One Team – a team whose passion, commitment and perseverance restored our operational and financial foundation. I have a special place in my heart for all of the employees who started at MCU prior to May 19, 2019 when it was conserved: You weathered the storm, and believed that we could restart our journey toward becoming a premier financial institution.

Previous Leaders and Consultants

We could not have gotten to this point without those leaders and consultants who were part of the conservatorship management and executive leadership teams, especially Kay Woods and Jane Dobbs who served as interim CEOs; Jennifer Oliver, who was our CFO while we built the integrity of our financial statements (you will be an amazing CEO for SCE Federal Credit Union!); and Tiffany Chisnall and Lisa Hay, who rebuilt our retail and operational teams.

Regulators

Perhaps most people would not think about thanking the regulators after being involved with a conservatorship, but I’m here to say that our partnership with the New York State Department of Financial Services and the NCUA was absolutely critical to our success and release. They too believed in the North Star of the members, and were supportive of our efforts to safely and soundly provide value during the conservatorship.

Partners and Vendors

Many partners and vendors stepped up during the conservatorship with offers to help and support. A special thank you to Symitar, PSCU, VISA DPS, Darling Consulting Group, McQueen Financial Advisors, Sameha and Associates, Susan Savage, Eril Blackwood, CU Engage, Best Innovation Group, Alkami, Filene Research Institute, the New York Credit Union Association and many more.

Industry

I strongly believe in the credit union industry and movement. Our common bond really is people helping people. We could feel the industry cheering us on, and hoping for our success. If there is a struggling credit union out there who can learn from our experience, please know that you have supporters in the industry. All of us will help you in any way possible.

I am very humbled at the outpouring of well wishes, and it is an honor to be part of the leadership team of the largest credit union ever to exit conservatorship and return ownership to its members.

Sincerely,

Kyle Markland

Proud CEO

Municipal Credit Union

New York, N.Y.