Credit Union CFO Job Description - Financial Executive Recruiters - Credit Union CFO Recruiters

      Credit Union CFO Job Description

      The Chief Financial Officer (CFO) is responsible for the development, implementation, and maintenance of accounting practices that result in providing a comprehensive accounting system, and for related support functions. This individual in the credit union CFO role also provides counsel to the President/CEO and Board of Directors regarding the credit union’s internal accounting, financial and asset/liability management operations.

      By performing the following duties personally or through subordinate staff ensures that all accounting records, policies, and procedures are in accordance with generally accepted accounting principles.

      CREDIT UNION CFO ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

      • Prepares all required/scheduled reports which summarize and forecast the credit union’s business activity and financial position in areas of assets, liabilities, income, expenses, and earnings based on past, present, and expected operations.
      • Directs preparation of operating and other budgets, including preparation and analysis of subsequent variance reports as required.
      • Develops and implements financial policies. Monitors and reports on interest rate risk and liquidity risk and assists in the development of strategies to mitigate these risks.
      • Serves as management’s representative to the Asset/Liability Management (ALM) Committee. Supports the work of senior management and the ALM Committee through development, preparation and analysis of appropriate reports.
      • Provides required ALM training to the Board of Directors.
      • Serves as the management liaison to the Supervisory Committee. Supports the work of the Committee through the preparation of requested reports and analyses, and through assistance with designated internal audit tasks.
      • Manages investment portfolio. Recommends purchase or sale of securities and investments, ensuring compliance with the Credit Union’s Investments and ALM policies, goals, and objectives, as well as all applicable state and federal rules and regulations.
      • Conducts analyses and appraises the credit union’s financial position. Issues periodic financial and operating reports that adequately depict the financial condition of the credit union.
      • Directs accounting staff in the creation and maintenance of required systems and procedures necessary to maintain proper records and adequate accounting systems controls and services. Is responsible for supervising all staff who report directly, including performance appraisal.
      • Manages the corporate insurance portfolio and advises management about insurance coverage for protection against property losses and potential liabilities.
      • Directs determination of depreciation rates to apply to capital assets.
      • Responsible for vendor management process and maintenance.
      • Advises management on desirable operational adjustments due to regulatory change, current economic issues, and related matters that may impact the financial stability and soundness of the credit union.
      • Works with external auditors, and federal, and state credit union examiners to ensure the credit union is in compliance with prescribed accounting methods set out in regulation, law, FASB rules, and generally accepted accounting principles. Responds appropriately to exceptions and other recommendations.
      • Prepares reports required by regulatory agencies.
      • Performs other duties as assigned.

      Credit Union CFO Supervisory Responsibilities

      • Supervises employees in the accounting, plastics, and deposit departments.
      • Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws.
      • Interviews, hires, and trains employees
      • Plans, assigns, and directs work
      • Appraises performance, including rewarding and disciplining employees, addressing complaints, and resolving problems

      PERFORMANCE STANDARDS: Financial statements and all supporting information must be accurate, in balance, prepared on a timely basis, and in accordance with generally accepted accounting principles and applicable regulation. Must be able to communicate well with subordinates and other credit union employees and demonstrate leadership ability. A professional attitude and appearance is vital to the success of this position.

      CREDIT UNION CFO EDUCATION and/or EXPERIENCE: A college degree in accounting, finance or business plus a minimum of five years of progressively responsible work experience; preferably in a bank or credit union, or equivalent combination of education and experience. The ability to lead and supervise others is required. Must have excellent written and verbal communication skills and communicate effectively with management, staff and members of the Board of Directors. Understanding of audit functions and procedures and related regulations.

      LANGUAGE SKILLS: Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, Board of Directors, members, and the general public.

      MATHEMATICAL SKILLS: Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of plane and solid geometry and trigonometry. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

      REASONING ABILITY: Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.

      OTHER SKILLS and ABILITIES: Ability to operate a personal computer including a full working knowledge and ability to utilize the following software programs:

      • Microsoft Office
      • Asset/Liability Management
      • Additional financial management software as needed
      • Familiarity with credit union accounting terminology and standards.
      • Familiarity with credit union system terminology and acronyms.

      PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

      While performing the duties of this job, the employee is regularly required to sit. The employee frequently is required to use hands to finger, handle, or feel objects, tools, or controls and talk or hear. The employee is occasionally required to stand and walk.

      The employee must occasionally lift and/or move up to 50 pounds.

      WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions. The noise level in the work environment is usually moderate.

      Our Credit Union is an Equal Opportunity Employer

      Job Type: Full-time


      • 401(k)
      • 401(k) matching
      • Dental insurance
      • Employee assistance program
      • Health insurance
      • Health savings account
      • Life insurance
      • Paid time off
      • Vision insurance

      National Credit Union CFO Executive Search Firm

      Our hands-on financial services executive recruiters have experience working with both banks and credit unions. Clients typically have assets over a billion.

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