CFO

Job Description

Job Description

Role

Direct and manage all practices and activities in the Finance, Accounting, and Collections functions, providing leadership, supervision, and access to training, ensuring compliance with the State and Federal rules and regulations. Manages financial auditing, accounting, and recordkeeping activities of the credit union to ensure they meet generally accepted accounting practices (GAAP). Make recommendations relating to budget preparation, income forecasts, and operational changes as needed.

Major Duties and Responsibilities

• Directly or through subordinates, oversee and manage the financial, accounting, and Collections functions of the credit union to include: ALM, AP, AR, Call Report, annual report, annual budget, collections, GL, Allowance for Loan Losses (CECL), financial analysis, including branch profitability analysis, financial reporting and recordkeeping, investments, payroll, and taxes. Analyzes monthly financial statements, prepares ad hoc reports, including but not limited to New loans, Charge-offs, Share movements, etc.

• Has an in-depth understanding of the flow of transactions throughout the credit union as well as the relationships between general ledger accounts.

• Reads, comprehends and makes recommendations to legal contracts in the best interests of the credit union.

• Takes the lead in merger activity. Coordinates with internal staff for site visits and due diligence review. Coordinates with 3rd parties for any required financial analysis and recording of acquisition journal entries. Instructs the accounting department in the consolidation of financial statements and inter-company accounts.

• Assist in the development, implementation, and evaluation of policies and procedures for the Accounting, Finance, and Collections departments. Ensure that policies and procedures reflect current regulations and are communicated to and implemented by subordinates.

• Participates in the development, production, promotion, and sale of the credit union’s products and services, including product modeling and pricing, and organization-wide performance monitoring.

• Review and analyze monthly financial and collection reports, correct as needed, forwarding them to the CEO for review and finalization.

• Oversees, evaluates and interprets statistical and financial reporting on the status of the
• credit union to the Board of Directors, various committees, and senior management regarding strategic recommendations, financial results, and policies that affect the organization to ensure that they are timely, accurate, and adequately informed about matters that affect the credit union.

• Participate in determining deposit and loan rates.

• Participate in determining Risk-Based Lending tiers and analysis.

• Prepares the monthly Qualitative and Environmental factors used in the Current Expected Credit Loss (CECL) calculation.

• Purchases appropriate investment instruments while maintaining adequate liquidity levels.

• Monitors the borrowing capacity of the credit union and adjusts collateral accordingly.

• Hold or attend periodic staff meetings. Identify areas for improvement, procedural changes, new developments, or service changes. Keep staff up to date on trends and general credit union information.

• On a quarterly basis, working with the 3rd-party ALM report vendor (McQueen Financial Advisors), ensure all relevant quarterly data is uploaded to their portal. Review and reconcile the quarterly report results, and schedule the McQueen representative to attend the next ALCO meeting.

• Establishes and maintains appropriate Corporate Credit Union, Federal Reserve Bank, Federal Home Loan Bank, and Investment Broker relationships.

• Assist with lease negotiations and major capital equipment or other capital asset purchasing decisions.
• Assist in the analysis of new branch site locations and closings of existing branches.

• Monitors interest rate, credit and portfolio risk status and set limitations as required for
• Asset/Liability Management. Identify ways to reduce interest rate risk and sensitivity. Provide
• detailed ALCO and Investment reports to the Board and Executive Management.

• Updates and implements finance and accounting policies as required by regulators and the Board.

• Serve as the credit union’s liaison with regulatory agency examiners and auditors.

• Participates in and reviews vendor contracts to protect the credit union's financial interests.

• Serve as trustee for the Employee's Pension Plan, representing the plan participants' best
• interest in a manner that assures accurate accounting and compliance with all pertinent
• regulations.

• Participates in the annual casualty and liability insurance and employee health insurance reviews. Prepares appropriate analysis and makes recommendations.

• Serves as Secretary to the ALCO and Finance committee.

• Oversees the credit union collection process.

• Meets regularly with the collections manager and senior staff.

• Participate in developing and implementing strategies to improve collection processes.

• Reviews and analyzes reports to identify trends and recommend strategies.

• Along with the collections manager, monitors Attorney collection/lawsuit activity.

• Along with the collections manager, monitors Repossession/ Foreclosure activity.

• Monitors the Pro Se lawsuit activity of the collection manager.

• Must comply with applicable laws and regulations, including but not limited to the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.