Chief Financial Officer

Description

Position Summary

Lead the financial strategy of the credit union to ensure long-term sustainability, growth, and innovation. As a strategic member of the executive team, the CFO will align financial goals with the organization’s mission, driving robust financial management, proactive risk mitigation, and a strong focus on community impact. The CFO will also champion forward-thinking financial models, strategies, and systems that not only enhance member value but also pave the way for industry leadership in financial practices.

Essential Functions

1. Strategic Financial Leadership

a. Ensure strategic oversight of critical functions including accounts payable, receivable, fixed assets, investments, payroll, and general ledger.

b. Drive innovative cash management strategies, optimizing liquidity, investing surplus funds, and strategically leveraging borrowing to fuel growth and innovation.

c. Provide cutting-edge Asset Liability Management (ALM) analysis, delivering strategic insights and quarterly reports to the ALCO and Board of Directors that inform high-impact decision-making.

d. Deliver forward-looking financial analyses, forecasting, and reporting, offering actionable strategic guidance to senior management, ALCO, and the Board of Directors.

e. Collaborate in setting dynamic loan and deposit rates, as well as fee structures, to align with evolving strategic objectives and market conditions.

f. Lead a rigorous budgeting process that not only aligns with strategic goals but also drives continuous improvement and innovation through regular variance analysis.

g. Serve as the principal liaison with regulatory agencies and auditors, ensuring compliance and fostering a culture of continuous improvement and innovation.

2. Financial Health & Sustainability

a. Develop and implement net worth metrics and key financial ratios that ensure the credit union’s financial health is resilient and poised to support bold community development initiatives while maintaining stability.

b. Design and execute financial strategies that balance the credit union’s mission with progressive growth, ensuring the sustainability of both.

3. Resource Allocation

a. Strategically prioritize internal funding for initiatives that propel community development goals, such as affordable housing loans, small business lending, and transformative community investments.

b. Ensure that new investments, including but not limited to CDs, loan participations, and mortgage-backed securities, align with the credit union’s community development mission by meeting the requirement of 60%+ of new investments qualify for CDFI financing activity.

4. Leadership and Development of Financial and Risk Management Teams

a. Develop and implement forward-focused policies and procedures in collaboration with the Controller and the AVP of Risk Management, ensuring alignment with strategic objectives and regulatory compliance.

b. Empower and guide the Controller and the AVP of Risk Management to cultivate high-performing, future-ready teams by fostering professional development, mentoring, and regular performance evaluations within their respective areas.

c. Facilitate cross-departmental collaboration by leading regular strategy and alignment meetings with the Controller and the AVP of Risk Management, ensuring that all financial and risk management functions are synchronized with the credit union���s strategic direction.

5. Strategic Financial Planning

a. Seamlessly integrate community development goals into the overarching strategic financial planning of the credit union, ensuring that every financial decision contributes to both social impact and organizational growth.

b. Develop financial plans that are innovative, mission-driven, and structured to serve underserved communities while maintaining profitability and appropriately managing increased credit risk.

6. Risk Management

a. Develop and implement innovative risk management strategies that address the unique challenges of serving underserved communities, ensuring that risks are managed proactively and creatively.

b. Maintain robust reserves and financial buffers that not only meet regulatory requirements but also safeguard against potential risks associated with community development efforts.

7. Executive Strategic Partner

a. Play a critical role in shaping the credit union’s strategic direction by contributing to policy development, organizational structure, and long-term planning. Lead initiatives in risk management and business continuity planning to safeguard the credit union’s future. Act as a trusted member of the executive team, providing strategic fi