UMassFive has announced a planned leadership transition, as President & CEO Richard Kump prepares to retire following a distinguished career spanning more than 40 years in the credit union industry.
Following a comprehensive and thoughtful selection process, the Board of Directors has unanimously appointed Lauren Duffy, currently Executive Vice President & Chief Operating Officer, as the next President & CEO, effective June 1, 2026. Kump will continue to support UMassFive as a Senior Advisor to Duffy through the end of 2026.
“Lauren brings a deep understanding of our organization, our members, and the credit union philosophy,” said Jacqueline Watrous, Chair of the Board of Directors. “Her leadership reflects a strong commitment to our employees and a clear alignment with the values that guide our work every day. We are fortunate to have such a strong and talented individual assuming this leadership position to guide UMassFive forward.”
Duffy is a 27-year veteran of the credit union industry, including the last 21 years at UMassFive. In her role as EVP & COO, she has played an integral role in shaping the Credit Union’s strategic direction and enhancing both member and employee experience. She has led numerous major initiatives, including core data processing, credit card, and digital banking upgrades, and also guided the evolution of UMassFive’s mission, values, and long-term vision.
“I am truly honored to step into this role and continue serving our members,” said Duffy. “UMassFive has always been rooted in strong relationships, trust, and a genuine commitment to helping people make informed financial decisions. I have a deep respect for the responsibility entrusted in me to lead this financial cooperative, and I look forward to collaborating with our skilled team in new ways to build on that foundation and continue supporting those we serve, as well as the greater Pioneer Valley.”
Lauren is also actively engaged in leadership across the credit union industry and in the communities UMassFive serves. She serves on the Board of Directors of UMassFive-owned Member Advantage Mortgage, which she has chaired since 2021, and is a trustee of the Cooperative Fund of the Northeast, where she chairs the Loan Committee.
She is also deeply involved in legislative advocacy to promote and protect access to credit unions for all, representing Massachusetts on the Cooperative Credit Union Association’s Advocacy Committee and serving as a PAC Trustee for America’s Credit Unions. In addition, she contributes at the national level as a member of America’s Credit Unions’ Advocacy Policy Committee.
Her community involvement includes engagement with organizations such as Northampton Public Schools, the Mount Holyoke College Alumnae Association, and Boston Children’s Hospital. She is a graduate of the UMass Isenberg School of Management MBA program, earning her degree in 2023.
This transition reflects the strength of UMassFive’s internal talent and commitment to continuity.
The Board also expressed its deep appreciation to Kump for his leadership and lasting impact on the organization.
“Rich’s leadership has left a lasting mark on UMassFive,” said Board Chair Watrous. “His commitment to our members, his care for our employees, and his dedication to the cooperative mission have helped shape the organization we are today.”
“It has been a privilege to serve UMassFive and work alongside such a dedicated team,” said Kump. “I’m incredibly proud of what we’ve accomplished together and grateful for the opportunity to support our members over the years. I’m fully confident the organization is in great hands and will continue to thrive well into the future.”
During his time as President & CEO, UMassFive grew from 37,000 members and $460 million in assets to more than 50,000 members and over $712 million in assets. He led the organization through significant historical moments and milestones, including the launch of its Commercial Services division, the successful merger with Northampton V.A.F. Federal Credit Union, the transition of its Wealth Management program, and navigating the challenges of the COVID-19 pandemic. Rich has also strengthened UMassFive’s commitment to community impact, helping lead record-setting years in charitable giving and community support.
Kump’s leadership also extended beyond organizational growth to broader impact across Massachusetts, particularly with his visionary leadership related to sustainability financing efforts. He was instrumental in bringing the state’s Mass Solar Loan program to life, which expanded access to residential solar and supported nearly 6,000 new solar installations throughout the Commonwealth between 2015 and 2020. UMassFive was a financing leader for that program, more than doubling the production of any other lender, with over 70% of UMassFive solar loans through the Mass Solar Loan program going to low-income qualified homeowners.
“UMassFive remains committed to serving our members with the same dedication and personal approach that have defined us for decades,” said Board Chair Watrous. “We are grateful to draw on Rich’s legacy while looking ahead to a bright future under Lauren’s leadership, as we continue our commitment to supporting financial well-being for all.”