2024-05-07T20:12:54-05:00 2023-06-30 BDO USA 330 N Wabash Suite 3200 CHICAGO IL 60611 990 2022-07-01 135261470 Municipal Credit Union % FRANK MADEIRA MUNI 2122383334 22 Cortlandt St 26th Flr New York NY 10007 Frank Madeira CFO 2122383334 2024-05-10 true Frank Madeira 999009999 KELLY RAQUET P01644256 3128569100 2024-05-06 3 2022 2023-04-26 12:10:37Z Frank Madeira 22 Cortlandt St 26th Flr New York NY 10007 247033050 false X www.nymcu.org 1916 NY TO BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER, PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES. 5 5 681 5 3870824 0 0 0 210864612 246398449 85419 128021 0 0 210950031 246526470 0 0 0 0 54760818 59675927 0 0 0 83841553 119310692 138602371 178986619 72347660 67539851 4283390040 4233162589 4043162434 3964840294 240227606 268322295 X TO BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER, PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES. false false FOUNDED IN 1916 FOR NEW YORK CITY MUNICIPAL WORKERS, MUNICIPAL CREDIT UNION (THE CREDIT UNION) IS THE OLDEST CREDIT UNION IN NEW YORK STATE AND THE LARGEST METRO NEW YORK CREDIT UNION OFFERING A WIDE ARRAY OF FINANCIAL SERVICES TO ITS MEMBERS. MCU IS CHARTERED UNDER NEW YORK STATE BANKING LAW. THE CREDIT UNION CURRENTLY PROVIDES SERVICES TO OVER 600,000 MEMBERS AND MANAGES OVER $4.3 BILLION IN MEMBER ASSETS. MEMBERSHIP IS AVAILABLE TO EMPLOYEES OF THE CITY OF NEW YORK AND ITS AGENCIES, EMPLOYEES OF THE FEDERAL AND NEW YORK STATE GOVERNMENTS IN THE FIVE BOROUGHS, EMPLOYEES OF HOSPITALS, NURSING HOMES AND SIMILAR FACILITIES WHICH ARE LOCATED WITHIN NEW YORK STATE, AND OTHERS WHO ARE ELIGIBLE AS SPECIFIED IN THE CREDIT UNION'S BYLAWS. false false false false false false false false false true true false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 127 0 true 681 true true true false false false false false true false X 5 5 false false false false true true true true true false true true true true true true true true true true false NY X FRANK MADEIRA 2122383334 22 CORTLANDT ST New York NY 10007 Kyle Markland Chief Executive Officer 40.0 0.0 X 1464154 0 0 Juan Luna Chief Information Officer 40.0 0.0 X 414388 0 0 George Chacon Chief Strategy Officer 40.0 0.0 X 397000 0 0 Toni-Ann Sforza Chief People & Exp. Officer 40.0 0.0 X 360514 0 0 Robert Bedford General Counsel 40.0 0.0 X 343032 0 0 Francisco Madeira Chief Financial Officer 40.0 0.0 X 338462 0 0 Stephanie Clancy Chief Member Exp. Officer 40.0 0.0 X 332500 0 0 Melissa Hartzell-Galileo Chief Lending Officer 40.0 0.0 X 307385 0 0 Christina Zanca VP, Marketing & Public reltn. 40.0 0.0 X 234216 0 0 Kevin Porter Vice President, Transformation 40.0 0.0 X 232300 0 0 Stuart Salembier Vice President, Retail Channel 40.0 0.0 X 223041 0 0 Kristi Rodgers Vice President, IT Operations 40.0 0.0 X 221454 0 0 Robyn Russo VP, Consumer Lending 40.0 0.0 X 213127 0 0 Sreenivas Rayadurgam Manager, Systems Development 40.0 0.0 X 209753 0 0 Samantha Ferdinand-Davis Director, Compliance Officer 40.0 0.0 X 209280 0 0 Christine Bertan VP, Learning and Development 40.0 0.0 X 203685 0 0 Louise Anne Cogan-Rupani VP, Strategic Enablement 40.0 0.0 X 192513 0 0 Vishnu Kandhai Director, Information Security 40.0 0.0 X 190985 0 0 Jason Grodsky Director, Member Contact Centr 40.0 0.0 X 186400 0 0 James Gallagher Director, BSA Officer 40.0 0.0 X 182188 0 0 Vincent Pollifrone Manager, Network & Telecomm. 40.0 0.0 X 176119 0 0 Robyn Oresto Controller 40.0 0.0 X 171654 0 0 Zelia Caetano Corey Director, Retail Banking 40.0 0.0 X 171100 0 0 Theresa Ann Barrett Vice President, Real Estate 40.0 0.0 X 163675 0 0 Drew M Edwards Associate General Counsel 40.0 0.0 X 159485 0 0 Jennifer Q Oliver EVP - Chief Financial Officer 40.0 0.0 X 129231 0 0 Thomas Canty Board Chairman 1.0 0.0 X 0 0 0 Meisha Porter Board Vice Chairperson 1.0 0.0 X 0 0 0 James Saunders Board Secretary/Treasurer 1.0 0.0 X 0 0 0 Phil Alvarez Board Member 1.0 0.0 X 0 0 0 Joseph Garba Board Member 1.0 0.0 X 0 0 0 7298410 0 0 81 false true false Lisa Hay 8039 W Briden Ln PEDORIA AZ 85383 Management 132417 1 0 LOAN INTEREST 900099 164694608 164694608 FEES & SERVICE CHARGES 522100 71419370 67548546 3870824 COMMISSION INCOME 522100 5851821 5851821 OTHER OPERATING INCOME 900099 4432650 4432650 246398449 0 0 0 0 0 0 0 0 634601 506580 128021 128021 128021 0 0 0 0 0 0 0 0 0 0 246526470 242527625 3870824 128021 0 0 0 0 6519186 0 52563836 592905 0 0 0 0 0 0 0 0 7953304 0 46452552 0 0 14022582 0 0 0 0 0 0 0 PROVISION FOR LOAN LOSSES 41153127 DIVIDEND EXPENSES 5019599 LOAN SERVICING 3787678 EDUCATION/PROMOTION 921850 178986619 0 0 200332420 224775271 0 0 8820232 10682511 0 0 0 0 2138505669 2447033435 0 0 37485880 36957584 46747035 36578975 11251840 10168060 0 0 1788169594 1405473705 9690202 13160522 0 0 89134203 84911501 4283390040 4233162589 57043023 32855470 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3986119411 3931984824 4043162434 3964840294 X 0 0 0 0 240227606 268322295 240227606 268322295 4283390040 4233162589 X 67539851 -42326646 2881484 X false true X true false 16097555 16097555 30649480 36578975 -5929495 10168060 AVAILABLE-FOR-SALE 997255017 F OTHER 292099047 F HELD-TO-MATURITY 116119641 F 1405473705 0 SHARE AND SAVINGS ACCOUNTS 3889084897 LEASE LIABILITIES 42899927 3931984824 X 207081308 -42326646 2881484 -39445162 246526470 246526470 178986619 178986619 178986619 SCHEDULE D, PART X, LINE 2: THE CREDIT UNION OBTAINED SEPARATE, INDEPENDENT AUDITED FINANCIAL STATEMENTS FOR THE 12-MONTHS ENDED JUNE 30, 2023. THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUTED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. SCHEDULE D, PART XI, LINE 2D: PENSION BENEFIT ADJUSTMENT: $2,881,484 X X X X false false false Kyle Markland Chief Executive Officer 992154 0 472000 0 0 0 0 0 0 0 1464154 0 0 0 Juan Luna Chief Information Officer 365788 0 48600 0 0 0 0 0 0 0 414388 0 0 0 George Chacon Chief Strategy Officer 360000 0 37000 0 0 0 0 0 0 0 397000 0 0 0 Toni-Ann Sforza Chief People & Exp. Officer 320064 0 40450 0 0 0 0 0 0 0 360514 0 0 0 Robert Bedford General Counsel 283063 0 43875 0 16094 0 0 0 0 0 343032 0 0 0 Francisco Madeira Chief Financial Officer 338462 0 0 0 0 0 0 0 0 0 338462 0 0 0 Stephanie Clancy Chief Member Exp. Officer 332500 0 0 0 0 0 0 0 0 0 332500 0 0 0 Melissa Hartzell-Galileo Chief Lending Officer 292385 0 15000 0 0 0 0 0 0 0 307385 0 0 0 Christina Zanca VP, Marketing & Public reltn. 229116 0 5100 0 0 0 0 0 0 0 234216 0 0 0 Kevin Porter Vice President, Transformation 230000 0 2300 0 0 0 0 0 0 0 232300 0 0 0 Stuart Salembier Vice President, Retail Channel 203216 0 19825 0 0 0 0 0 0 0 223041 0 0 0 Kristi Rodgers Vice President, IT Operations 202404 0 19050 0 0 0 0 0 0 0 221454 0 0 0 Robyn Russo VP, Consumer Lending 202327 0 10800 0 0 0 0 0 0 0 213127 0 0 0 Sreenivas Rayadurgam Manager, Systems Development 194428 0 15325 0 0 0 0 0 0 0 209753 0 0 0 Christine Bertan VP, Learning and Development 190385 0 13300 0 0 0 0 0 0 0 203685 0 0 0 Louise Anne Cogan-Rupani VP, Strategic Enablement 177813 0 14700 0 0 0 0 0 0 0 192513 0 0 0 Vishnu Kandhai Director, Information Security 181585 0 9400 0 0 0 0 0 0 0 190985 0 0 0 Vincent Pollifrone Manager, Network & Telecomm. 167119 0 9000 0 0 0 0 0 0 0 176119 0 0 0 Robyn Oresto Controller 156029 0 15625 0 0 0 0 0 0 0 171654 0 0 0 Theresa Ann Barrett Vice President, Real Estate 158675 0 5000 0 0 0 0 0 0 0 163675 0 0 0 Samantha Ferdinand-Davis Director, Compliance Officer 204405 0 4875 0 0 0 0 0 0 0 209280 0 0 0 Jason Grodsky Director, Member Contact Centr 180000 0 6400 0 0 0 0 0 0 0 186400 0 0 0 James Gallagher Director, BSA Officer 177813 0 4375 0 0 0 0 0 0 0 182188 0 0 0 Zelia Caetano Corey Director, Retail Banking 165000 0 6100 0 0 0 0 0 0 0 171100 0 0 0 Drew M Edwards Associate General Counsel 157235 0 2250 0 0 0 0 0 0 0 159485 0 0 0 FORM 990, PART VI, SECTION A, LINE 6: THE CREDIT UNION IS COMPRISED OF APPROXIMATELY 600,000 MEMBER OWNERS, EACH OF WHICH HAS EQUAL RIGHTS. TO BECOME A MEMBER OF MUNICIPAL CREDIT UNION, A PERSON MUST BE ELECTED TO MEMBERSHIP, PAID FOR ONE OR MORE SHARES, PAID ENTRANCE FEES AS PROVIDED FOR IN THE BY-LAWS AND MUST BE EMPLOYED (A) IN THE CITY GOVERNMENT OF THE CITY OF NEW YORK, OR (B) IN THE GOVERNMENT OF ANY OF THE COUNTIES WITHIN THE TERRITORIAL LIMITS OF THE CITY OF NEW YORK, OR (C) IN THE BOARD OF EDUCATION OF THE CITY OF NEW YORK, OR (D) IN THE BOARD OF HIGHER EDUCATION, OR (E) IN THE NEW YORK CITY HEALTH AND HOSPITALS CORPORATION, OR (F) IN THE NEW YORK CITY HOUSING AUTHORITY, OR (G) IN ANY SIMILAR AUTHORITY NOW OR HEREAFTER ORGANIZED AND EXISTING PURSUANT TO THE PUBLIC AUTHORITIES LAW, LAWS 1939, CHAPTER 870, OR ACTS AMENDATORY THEREOF, WHERE SAID AUTHORITY HAS JURISDICTION SOLELY OF FUNCTIONS WITHIN ANY OR ALL OF THE FIVE COUNTIES WITHIN THE TERRITORIAL LIMITS OF THE CITY OF NEW YORK, OR (H) IN ANY AGENCY OPERATING WITHIN IN THE GREATER NEW YORK CITY METROPOLITAN AREA AND WHICH IS, AT LEAST IN PART, FUNDED BY THE CITY OF NEW YORK, THE STATE OF NEW YORK, OR ONE OF THE AGENCIES, SUBDIVISIONS OR DEPARTMENTS THEREOF, OR (I) BY ANY INDIVIDUAL, EMPLOYER, AGENCY, PARTNERSHIP, CORPORATION, OR OTHER ENTITY WITH WHICH THE CREDIT UNION MAINTAINED A PAYROLL DEDUCTION TYPE RELATIONSHIP AS OF APRIL 10, 1986, OR (J) BY OR IN ANY HOSPITAL, NURSING HOME, HEALTH FACILITY, AND THEIR AFFILIATES, EITHER PRIVATE OR PUBLIC, LOCATED IN THE STATE OF NEW YORK, OR (K) BY INSURANCE COMPANIES WHO OFFER HEALTH RELATED INSURANCE IN THE STATE OF NEW YORK, OR (L) BY THE FEDERAL GOVERNMENT PROVIDED SUCH EMPLOYEE WORKS WITHIN THE TERRITORIAL LIMITS OF THE CITY OF NEW YORK, OR (M) BY COMPANIES THAT PRODUCE AND/OR SUPPLY HOSPITALS IN THE STATE OF NEW YORK WITH MEDICAL AND OTHER TYPE HEALTH CARE PRODUCTS, OR (N) BY PRIVATE COLLEGES LOCATED IN THE CITY OF NEW YORK AND PRIVATE AND PUBLIC COLLEGES IN THE COUNTIES OF NASSAU, SUFFOLK, WESTCHESTER, OR (O) BY ARAMARK CORPORATION AT NYACK HOSPITAL IN NYACK, NEW YORK, OR (P) EMPLOYEES OF THE CITY OF YONKERS, NEW YORK, OR (Q) BY THE CITY OF MT. VERNON, NEW YORK, OR (R) KAWASAKI RAIL CAR, INC., OR (S) MUNICIPAL CREDIT UNION, OR (T) AS CEMETERY WORKERS WORKING WITHIN THE CITY OF NEW YORK, OR (U) AS SOCIAL WORKERS AND COUNSELORS AT PRIVATE CENTERS AND NOT-FOR-PROFIT SHELTERS LOCATED IN THE CITY OF NEW YORK, OR (V) BY THE ARCHDIOCESE OF NEW YORK AND BROOKLYN, OR (W) AS TAXI DISPATCHERS FOR AIRPORTS IN THE CITY OF NEW YORK, OR (X) AS AIRCRAFT FUELERS AND MAINTENANCE WORKERS IN THE CITY OF NEW YORK, OR (Y) BY ST. PETER'S CHURCH IN YONKERS, NEW YORK, OR (Z) ANY ASSOCIATION OF SUCH EMPLOYEES. THE FOLLOWING ADDITIONAL PERSONS MAY BECOME MEMBERS: (1) ALL STUDENTS ENROLLED IN: (A) A COLLEGE, UNIVERSITY, SCHOOL, OR INSTITUTION, IN THE CITY UNIVERSITY OF NEW YORK (CUNY) EDUCATION SYSTEM; OR (B) ST. JOHN'S UNIVERSITY (ATTENDING CAMPUSES LOCATED IN NEW YORK STATE); (2) ALL MEMBERS OF ST. PETER'S CHURCH IN YONKERS, NEW YORK; (3) ANY ASSOCIATION OF EMPLOYEES WHICH ARE PRINCIPALLY COMPRISED OF INDIVIDUALS WHO ARE ELIGIBLE FOR MEMBERSHIP; (4) AN OFFICER OR EMPLOYEE OF THE STATE OF NEW YORK EMPLOYED IN THE CITY OF NEW YORK; (5) ANY OTHER CREDIT UNION ORGANIZED UNDER THE LAWS OF THE STATE OF NEW YORK. MEMBERSHIP IS NOT TERMINATED BY CESSATION OF EMPLOYMENT. ALL MEMBERS MUST MAINTAIN AT LEAST ONE SHARE ON DEPOSIT. MEMBERSHIP IS ALSO PERMITTED FOR THE FOLLOWING PEOPLE PURSUANT TO N.Y. BANKING LAW 451-A: (1) THE FAMILY MEMBERS OF PERSONS WITHIN THE FIELD OF MEMBERSHIP. "FAMILY MEMBER" MEANS A PERSON RELATED BY BLOOD, MARRIAGE OR LIVING IN THE SAME HOUSEHOLD WITH A PERSON WITHIN THE FIELD OF MEMBERSHIP AND THEIR LINEAL ANCESTORS AND DESCENDANTS INCLUDING PERSONS SO RELATED BY ADOPTION, SIBLINGS, STEPPARENTS, STEPCHILDREN AND STEPSIBLINGS; AND "HOUSEHOLD" MEANS PERSONS LIVING IN THE SAME RESIDENCE AND MAINTAINING A SINGLE ECONOMIC UNIT; OR (2) ANY EMPLOYEE OF THE CREDIT UNION; OR (3) ANY MEMBER WHO LEAVES THE FIELD OF MEMBERSHIP AND WHO HAS NOT WITHDRAWN OR BEEN EXPELLED MAY RETAIN MEMBERSHIP; OR (4) ANY INCORPORATED OR UNINCORPORATED ORGANIZATIONS COMPOSED PRINCIPALLY OF PERSONS ELIGIBLE TO MEMBERSHIP IN THE CREDIT UNION AND THAT ORGANIZATION'S EMPLOYEES; OR (5) ANY PERSON WHO IS ELIGIBLE FOR MEMBERSHIP BY REASON OF THE FACT THAT HE OR SHE IS AN EMPLOYEE OF A COMMON EMPLOYER OR OF A CREDIT UNION SHALL NOT BECOME INELIGIBLE, AFTER THE TERMINATION OF SUCH EMPLOYMENT, AS LONG AS HE OR SHE RECEIVES A PENSION OR ANNUITY FROM, OR UNDER, A PLAN OR OTHER ARRANGEMENT ESTABLISHED BY SUCH COMMON EMPLOYER OR CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A/B: ELECTION OF MEMBERS TO THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE TAKES PLACE AT THE ANNUAL MEETING. MEMBERS BECOME ELIGIBLE FOR ELECTION TO THE BOARD OF DIRECTORS OR THE SUPERVISORY COMMITTEE AFTER COMPLETING ONE YEAR OF MEMBERSHIP. THE CREDIT UNION INFORMS THE MEMBERSHIP NOT LESS THAN 10 DAYS AND NOT MORE THAN 45 DAYS PRIOR TO THE ANNUAL MEETING OF THE NAMES OF ALL THE CANDIDATES AND THE OFFICE FOR WHICH THEY ARE NOMINATED. ELECTIONS ARE HELD BY CLOSED BALLOT. FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND REVIEWED BY THE EVP. ONCE THE FORM 990 IS REVIEWED BY THE EVP, THE BOARD REVIEWS AND APPROVES. A COMPLETE COPY OF THE FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES) AS ULTIMATELY FILED WITH THE IRS IS PROVIDED TO THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY, AS WELL AS THE ACTING BOARD. CONFLICTS OF INTEREST ARE REVIEWED BY THE CHAIRMAN OF THE BOARD AND TRANSACTIONS OR REQUESTS ARE EITHER APPROVED OR DENIED. PERSONS WITH CONFLICTS RECUSE THEMSELVES FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS IN THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 13: THE CREDIT UNION DID HAVE A WRITTEN WHISTLEBLOWER POLICY IN PLACE THAT WAS REVISED DURING 2018. ADDITIONALLY, THE CREDIT UNION TOOK THE APPROPRIATE STEPS TO ESTABLISH A WRITTEN POLICY IN 2019 TO ENCOURAGE PERSONNEL TO, IN GOOD FAITH, REPORT ANY ACTION OR SUSPECTED ACTION TAKEN BY OR WITHIN THE CREDIT UNION THAT IS ILLEGAL, FRAUDULENT, OR IN VIOLATION OF ANY CREDIT UNION POLICY. FORM 990, PART VI, LINE 15A/B: THE CREDIT UNION REVISED ITS COMPENSATION REVIEW PROCESS IN 2019 TO INCLUDE AN INDEPENDENT COMPENSATION EVALUATOR TO REVIEW ALL POSITIONS AND COMPENSATION GOING FORWARD, THIS INCLUDES REVIEWING COMPARABLE DATA FOR REASONABLENESS. THE REVIEW AND DECISIONS WILL BE CONTEMPORANEOUSLY SUBSTANTIATED. FORM 990, PART VI, SECTION B, LINE 19: FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PENSION BENEFIT ASSETS: $2,881,484.