Municipal Credit Union Charts Path Forward Following Departure from Conservatorship
NEW YORK, NY (February 23, 2022) – The Municipal Credit Union (MCU) today announced that control of the credit union has been formally returned to their members and MCU leadership. One of the largest credit unions in New York, serving nearly 600,000 members and managing more than $4.2 billion in assets, MCU emerges from conservatorship initiated by the New York State Department of Financial Services in 2019.
“The success that enabled MCU to emerge was achieved through strengthening our operations, restructuring and reinvigorating our leadership, and enhancing how we deliver services to members,” said MCU CEO Kyle Markland. “Despite the conservatorship and the hardships of the global pandemic, MCU’s dedicated employees never stopped working to deliver the financial services that so many public employees in New York City and State have come to rely on. This dedication has not only resulted in membership growth, but a greater sense of trust from the nearly 600,000 everyday heroes who count on us.”
After entering conservatorship in May 2019, MCU hired Kyle Markland as Chief Executive Officer. Markland and MCU’s new leadership team immediately began to implement strategic plans, in coordination with the regulatory stakeholders, that resulted in an approximately 38% growth in assets over the period of 33 months.
Since then, Markland said, “A new MCU leadership team, our Advisory Board and our incredibly dedicated employees did a remarkable job positioning MCU on a strong path toward recovery and continued progress.”
MCU’s successful emergence from their conservatorship is a result of the credit union focusing on their core business, which is serving everyday heroes in New York—from police to fire as well as first responders, teachers, healthcare workers, and municipal employees. MCU’s strategy also included strengthening loan underwriting and managing costs.
After less than three years of conservatorship and series of steps that enabled MCU to restructure their operations, the New York State Department of Financial Services returned control of the credit union back to their members. Under Markland’s continued leadership, MCU will soon announce a new Board of Directors.
“The New York Department of Financial Services, the National Credit Union Administration, and the MCU team never lost their tireless commitment to our credit union and our members. Together, we are proud of our shared progress and look forward to serving our members and helping everyday heroes achieve their financial goals,” said Markland.
About Municipal Credit Union
Municipal Credit Union is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, today MCU has assets of more than $4.2 billion and offers a full range of financial services to its more than 590,000 members. MCU is an equal opportunity lender, and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.
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