OKLAHOMA CITY, Okla.–Communication Federal Credit Union has announced a new president and CEO effective Jan. 1., just one day after a settlement in a data breach case was also announced.
the $2.2-billion CFCU said it has selected Stephen Lark to lead the organization effective with the new year. Lark brings more than 27 years of credit union industry experience, a deep understanding of member needs, and a lifelong passion for helping credit unions thrive through innovation and service, the credit union said.
A lifelong Oklahoman, Lark has served the past 14 years as SVP-corporate development at CFCU, leading teams in business intelligence, marketing, employee and financial education, digital products, and community development, the credit union said.
‘Significant Organizational Growth’
“His leadership helped launch the credit union’s business intelligence and digital strategy teams,” the credit union said in a statement. “These initiatives that have enhanced member experience and supported significant organizational growth.”
A 2016 graduate of Southwest CUNA Management School, Lark was recognized as the 2018 Marketing and Business Development Professional of the Year by the Cornerstone Credit Union League and honored as the 2022 OCUPAC Political Activist of the Year.
A ’True Honor’
“It’s a true honor to be chosen as the next president and CEO of Communication Federal Credit Union,” said Lark in a statement. “As a lifelong Oklahoman, I’ve seen firsthand the difference that credit unions make in people’s lives. Larry (Shropshire) has built a strong foundation of service and integrity, and I’m excited to build on that legacy. Our mission has always been about helping members achieve their dreams and making a difference in the communities we serve, and that’s a mission I’m proud to continue.”
When he’s not at the credit union, Lark enjoys spending time with family, working on vintage vehicles, and perfecting his championship BBQ.
Larry Shropshire to Retire
Lark succeeds Larry Shropshire, who is retiring after 16 years as president and CEO. Under Shropshire’s leadership, CFCU said it “experienced remarkable growth, expanded its digital and community presence, and strengthened its reputation as a trusted financial partner for more than 130,000 members across Oklahoma and Kansas.”
“Larry’s leadership and dedication over the past 16 years have guided CFCU through tremendous growth and positive change,” Board Chair Mirl Whisman said in a statement. “We are grateful for his years of service and wish him all the best in retirement. Looking ahead, the board is confident that Stephen’s vision, experience, and heart for people will carry that success forward and open new opportunities for our members and communities.”
Settlement in Breach Case
Separately, Communications FCU has agreed to pay $2,900,000 to settle a class action lawsuit related to a significant data breach that potentially compromised private member information.
The Communication Federal Credit Union class action settlement received preliminary approval from the court and covers all United States residents whose personal information was potentially exposed during the CFCU data incident, which occurred between late December 2023 and early January 2024, including everyone who received a data breach notification letter, according to ClassAction.org.
According to court documents related to the settlement by the $2.2-billion credit union, breached information included names, dates of birth, Social Security numbers, credit card numbers and other personally identifiable information. In all, 193,108 people were potentially affected.
The court-approved website for the Communication Federal Credit Union data breach settlement can be found here.
Claims Are Denied
The credit union has denied all of the allegations and claims against it.
Communication Federal Credit Union settlement class members who submit a valid, timely claim form have multiple options for reimbursement. Per the settlement website, those who submit documented proof of out-of-pocket costs incurred between Dec. 31, 2022 and Dec. 22, 2025 as a result of the data breach are eligible to receive a one-time cash payment of up to $7,500. Reimbursable data breach expenses may include costs related to identity theft, fees for credit reports and costs to replace IDs.
In lieu of a documented-loss payment, class members may submit a claim form for a share of the settlement fund, which the settlement website says will be a one-time, pro-rated cash payout of approximately $125, the settlement reads.
Hearing in Early 2026
The court will determine whether to grant final approval to the CFCU settlement at a hearing on Jan. 7, 2026. Compensation will begin to be distributed to consumers only after final approval is granted and any appeals are resolved.
