Member Spotlight: Michael A. Richardson, Sr.

CUNA Lending Council
January 1, 2007

Michael A. Richardson Sr. is vice president/chief lending officer for Mid-Atlantic Federal Credit Union in Maryland. He has 32 years of credit-union experience.

In his current position, Michael oversees all the lending and collection functions of the credit union. He wears several other hats as well: chairman of the credit committee, secretary of the asset/liability committee, strategic planning facilitator, and consumer compliance officer.

Michael and his wife Valencia have two grown children and one grandchild. He is actively involved with the FB Church of Glenarden, SHABACH! Cares Inc., United Voices, Brothers in Discipleship, Armor Bearers, and is also a board member for First Combined Community FCC, a small community credit union.

Biggest challenge

From a credit union viewpoint, the biggest challenge for 2006 was maintaining income levels (ROA) in the shadow of an inverted yield curve and shrinking margins on loan products, specifically indirect autos.

Best advice

Stay on top of the ever-changing rules and regulations. The credit union should partner with, or have on retainer, a knowledgeable attorney familiar with credit union regulations. Get to know your examiner! Treat that person as your closest friend. Help the examiner understand your processes during the exam.

Greatest benefit of Council membership

The networking within the Lending Council is priceless! You can e-mail or pick up the phone and call any counterpart in the nation and get first-hand information, knowledge, and experience on any related subject or project you're working on. The information-sharing is a gem that can't be found in any other industry. I've talked to many credit union people who came over from the “dark side” and they are amazed at the ease with which we share information.

Best part of my job

When I get a favorable review from the auditors and examiners, then I know I’ve done my job well. I also then know our members are getting the best loan products and services.

Hardest part of my job

Dealing with HR issues. Why can't everyone be like me—come to work early, skip lunch, stay late, work until the job is done, and make sure that the job is done correctly?!

Success story

I went on a weekend ski trip with my wife and some friends in 1988. When I came back I was sore all over. I promised myself that I would never be that way again. So I started an exercise program with the goal of paying myself first in the morning. In 1988 I was 38 years old. Today I am 56 and do five miles on a wind cycle, 150 sit-ups, and 100 push-ups every other day, and lift weights on the odd days. I still think I can beat my 30-year-old son in a foot race!

Hobbies/interests

Gardening, taking care of the lawn, fitness, our church.

People would be surprised to learn that . . .

My father was one of the original members of the Drifters back in 1950!

Recent book

A Case for Christ by Lee Strobel

Life goal not yet accomplished

Retirement!

Something that always makes me laugh

My kids and grandson.

If I had an extra hour in the day . . .

I’d work in the yard.