Former MSU Federal Credit Union CEO to lead DIFS
Newly retired Patrick McPharlin will take over as director in May
LANSING, MI (April 7, 2015) — The Department of Insurance & Financial Services – the department that regulates state-chartered credit unions in Michigan – will soon have a new director and he’s a familiar name in the credit union world.
Retired Michigan State University Federal Credit Union CEO Patrick McPharlin will become the director of DIFS starting next month, according to a press release from Governor Rick Snyder’s office.
McPharlin’s resume includes extensive service to the credit union industry. He served as CEO at MSUFCU for 14 years after starting his career at the credit union in 1973. His achievements include: growing MSUFCU’s assets from $546 million to over $2.6 billion and increasing membership from close to 97,000 members to over 183,000 members across the country, according to MSUFCU. During his tenure MSUFCU was also recognized as the Top Large Workplaces by the Detroit Free Press and as one of West Michigan’s 101 Best and Brightest Companies to Work For by the Michigan Business and Professional Association.
McPharlin’s breadth of experience and expertise make him the ideal candidate to oversee credit unions and financial institutions as the leader of the state’s regulatory body, MCUL President/CEO David Adams said.
“Michigan will be well-served with Pat McPharlin at the helm as the new director of DIFS. Pat’s extensive financial services experience and his knowledge of what constitutes an effective ‘safety and soundness regulatory balance,’ will equip him to help financial services companies and their customers thrive in Michigan’s growing economy,” said MCUL President/CEO David Adams.
“Pat has an exemplary record of service in the private financial sector,” Snyder said. “His leadership in growing a company based on customer service and strong community relationships will bring great value to this role that connects directly with residents and employers. With Pat at the helm, we can continue to ensure strong consumer protection and information while helping position the insurance and financial services sectors for continued economic growth statewide.” Gov. Rick Snyder said in a press release.
Ann Flood, the current director at DIFS, will be leaving office on May 15th to return to the private sector. McPharlin will start on May 18.
About the Michigan Credit Union League & Affiliates
Organized in 1934, the Michigan Credit Union League is a trade association representing Michigan’s Credit Unions. Based in Lansing, the MCUL works to build awareness of these locally owned, cooperative institutions and their mission to support members, communities and local businesses. For more information, visit www.mcul.org, follow us on Facebook at www.facebook.com/MICreditUnions and connect with us on Twitter at www.twitter.com/MICreditUnions.