LANSING, Mich. — Patrick McPharlin, the longtime CEO of Michigan State University FCU who retired from the credit union last month, is set to become the new director of Michigan's Department of Insurance and Financial Services.
McPharlin succeeds the current director, Ann Flood, who will be leaving the DIFS post on May 15 to return to the private sector. Having been CEO at MSU FCU for 14 years — and spending more than four decades at the credit union — McPharlin is well positioned to oversee FIs throughout the state, Michigan Credit Union League President and CEO David Adams said in a statement.
"Michigan will be well-served with Pat McPharlin at the helm as the new director of DIFS," said Adams. "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."
Gov. Rick Snyder, praised McPharlin's record. "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," Snyder said in a statement. "With Pat at the helm, we can continue to ensure strong consumer protection and information while heling position the insurance and financial service sectors for continued economic growth statewide."
McPharlin stepped down at MSU FCU last month and was replaced by longtime chief operating officer April Clobes.