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The NCUA on Monday appointed Kyle Markland president/CEO of the $3.7 billion Municipal Credit Union, which the independent federal agency said completes “the next step in (MCU’s) recovery plan.”
MCU was placed into conservatorship by the NCUA in May 2019 following widespread fraud and corruption that involved its former CEO Kam Wong, five top executives, two supervisory committee members and 13 former board members, leading to more than $18 million in financial losses and $109 million in write-down losses. Wong, who embezzled nearly $10 million, is serving a five-and-a-half-year federal prison sentence.
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