The Los Angeles-based cooperative turns to a veteran lending and retail banking executive as it looks to deepen university partnerships and expand digital tools after a year of leadership transition.

University Credit Union, a Los Angeles-based financial cooperative rooted in higher education, has named Richard Wada as its new president and chief executive, selecting an industry veteran to guide the institution through its next phase of growth amid leadership change and evolving digital expectations.

The appointment was announced by the credit union’s board, which said Wada’s background in large-scale lending operations and consumer finance aligns with UCU’s mission and long-term strategy. Norma Iadevaia, chair of the board, said the directors were confident Wada would advance both member service and institutional partnerships.

“The board is excited to welcome our new CEO/President, Richard Wada,” Iadevaia said. “His strategic vision, deep commitment to member service, and passion for supporting university communities align seamlessly with UCU’s core purpose and values.”

Wada joins University Credit Union from Patelco Credit Union, where he serves as chief lending officer. Patelco, the nation’s 28th-largest credit union, holds $9.5 billion in assets and serves more than 500,000 members across Northern California. In that role, Wada oversees consumer and commercial lending, experience that UCU leaders say will be critical as the organization invests further in digital banking and financial wellness initiatives.

Before entering the credit union movement, Wada held senior leadership roles at Citibank, including Global Head of Personal Lending and Head of U.S. Retail Consumer Lending. His earlier career included marketing and product management positions at American Express and the global advertising firm Saatchi & Saatchi. He holds a bachelor’s degree from Williams College and an M.B.A. from Columbia Business School.

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“I am honored to join University Credit Union and lead an organization so deeply rooted in purpose,” Wada said. “UCU’s unwavering commitment to empowering members and supporting university communities is truly inspiring.”

Founded in 1951 by UCLA employees, University Credit Union now serves more than 58,000 members and reports assets of more than $1.1 billion. The credit union has emphasized digital modernization and expanded services in recent years, particularly under the leadership of David Tuyo, who stepped down earlier this year to become chief executive of TwinStar Credit Union in Washington State. TwinStar merged with Northwest Community Credit Union in September to form Peak Credit Union, a $4.3 billion-asset institution.

During the leadership transition, UCU’s board appointed Chief Operating Officer Estela Nagahashi as interim chief executive. The credit union enters its next chapter with a mixed financial picture: according to NCUA call report data, it recorded a $165,000 loss in the first nine months of 2025 after earning $5.8 million in 2024.

Still, the board said the institution’s foundation remains strong. Upcoming initiatives include expanded financial wellness programs, strengthened partnerships with universities nationwide and new digital tools designed to make banking more accessible for students, faculty, alumni and their families.

Under Wada’s leadership, UCU aims to build on that momentum while navigating a rapidly changing financial services landscape.

“UCU’s unwavering commitment to empowering members and supporting university communities is truly inspiring.”

– Richard Wada
Incoming CEO
University Credit Union