LANSING, Mich.—Just-retired MSUFCU President/CEO Patrick McPharlin has been named by Michigan Gov. Rick Snyder to lead the Michigan Department of Insurance and Financial Services, which includes oversight of state-chartered credit unions.
McPharlin’s first day is May 18; he will replace Ann Flood, the current director of the DIFS, who is returning to the private sector. McPharlin was CEO at MSU FCU for 14 years, overseeing growth to $2.6-billion from $546-million in assets.
“Michigan will be well served with Pat McPharlin at the helm as the new director of DIFS,” said Michigan CU League CEO David Adams in a released statement. “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.”