Washington regulator Parker Cann to join Arrowhead CU as executive vice president/COO

OLYMPIA, Wash. – J. Parker Cann, director of credit unions for the Washington Department of Financial Institutions, has announced his resignation effective May 17 to join Arrowhead Credit Union in San Bernardino, Calif., as executive vice president and chief operating officer. Cann has been with the DFI since 1995 and supervised some 95 state-chartered credit unions with more than $13.3 billion in assets. He is scheduled to join Arrowhead effective May 20. Cann, who is also a member of the NASCUS Board, said he decided to leave DFI to take advantage of the opportunity offered at Arrowhead, which has been rapidly expanding its programs and services. "Honestly it's that simple," he said. "I like what I do here. I've enjoyed it and we've done a lot of great things. Then this opportunity came up and I decided it looked like a wonderful challenge and opportunity and I should take it." Cann said Arrowhead "basically came to me" about the position. He said he has known Arrowhead President and Chief Executive Officer Larry Sharp for several years through their connection with the National Association of State Credit Union Supervisors (NASCUS). Sharp was out of town and unavailable for comment at press time. Cann was praised for his role as a state regulator by both NASCUS and the Washington Credit Union League. "Parker has been one of the most effective state regulators in the national credit union system," said John Annaloro, president and chief executive officer of the Washington Credit Union League. "His influence, perspective and philosophy will be missed." Doug Duerr, NASCUS' president and CEO, said Cann has been a "significant contributor to the state credit union system." "I can't say enough positive things about him," Duerr said. He said Cann would be a good match for Arrowhead. "If you look at the credit union he's going to, it's a credit union that's an innovative credit union," Duerr said. "What a perfect match. Parker is an innovative person who is able to look beyond the status quo. The credit union he is going to is an innovative credit union that wants to go beyond the status quo." Duerr said he hoped Cann would continue to remain active in NASCUS. Cann said he would. "I have enjoyed my NASCUS experience tremendously and will continue to be a strong advocate of the benefits of NASCUS membership," Cann said. "I would say goodbye, but I still hope to be involved as a member of NASCUS on behalf of Arrowhead Credit Union." Cann said he was most proud of his work with the NASCUS H.R. 1151 task force. "We had a significant impact on the development of NCUA's rules implementing the Credit Union Membership Access Act, including the NCUA's prompt corrective action (PCA) and MBL (member business loan) rules," he noted. As far as his new role at Arrowhead, Cann said he was "really looking forward to the opportunity and challenge." He said his wife and 17-year-old daughter were going to remain in Washington for the next year, allowing the teen-ager to finish her last year of high school there. His other two children, a son and a daughter, are older and out on their own. While serving as director of credit unions at DFI, Cann worked with the credit union community on several bills to update the Washington State Credit Union Act. The 1997 bill was the first major rewrite of the act since 1984. Cann also obtained NCUA's approval for the division's member business loan rule, which league officials said is considered one of the most progressive state MBL rules in the nation. "We've accomplished a lot of great things," Cann said. "It has been a great group of people to work with – a hard working group dedicated to the safety and soundness of credit unions." Stacy Augustine, senior vice president of policy and public affairs at the Washington league, recalled that she and Cann started working with Washington credit unions at about the same time. "Together we've been able to make many positive changes for both state and federally chartered credit unions," she said. "I have appreciated his willingness to treat the league and credit unions as working partners in developing new laws and regulations. His intelligence, openness and sense of humor will be sorely missed." Mark Thompson, acting DFI director since former DFI Director John Bley resigned earlier this year, has not named a successor for Cann. -