NEW YORK–As the next step in its recovery plan, Municipal Credit Union, which has been operating under NCUA conservatorship since May of 2019, has named a new president/CEO.
The $3.7-billion Municipal CU has selected Kyle Markland to lead the organization. Markland, who has an extensive career in credit unions, most recently served asCOO at Bethpage Federal Credit Union in Long Island, N.Y. Markland has also previously held positions that include president/CEO for Affinity Plus FCU in St. Paul, Minn., and EVP/CFO for Bellco Credit Union in Greenwood Village, Colo. Markland also held roles with GTE FCU and Suncoast Schools FCU in Florida.
Municipal Credit Union was placed into conservatorship after its one-time CEO, Kam Wong, was charged in 2018 with embezzling more than $3 million from the credit union by the U.S. Attorney’s Office for the Southern District of New York. Wong has since pleaded guilty and been sentenced to prison. More on that story can be found here.
In November of 2018, Municipal CU named Mark A. Ricca, the former president and CEO of First American International Bank, to lead the organization. Ricca has since departed.
Other Arrests
In 2019, a state court judge and a former New York City cop–both of whom served on the board of Municipal Credit Union–were arrested on different charges by federal prosecutors that range from deleting text messages to help cover up misuse of funds, abuse of controlled substances, and, ironically, fraud related to anti-fraud security. More on that story can be found here.
“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,” said John Kutchey, Regional Director for the NCUA’s Eastern Region.
NCUA noted Municipal Credit Union has improved financial results, reporting a year-to-date net income of $30.2 million through Sept. 30, 2020.
The credit union has more than 500,000 members.