Chief Financial Officer - First Alliance Credit Union

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 financial insights that drive innovation, sustainable growth, and enhanced member value. 

Pay and Benefits

$127,728.28 Annually

There may be an increase of base pay based on skills and experience.

Benefits include: 401(k), 401(k) Matching, Dental Insurance, Employee Assistance Program, Employee Discount, Health Insurance, Health Savings Account, Life Insurance, Paid Time Off and Vision Insurance.

Requirements:

Competencies

The attributes listed below are representative of the knowledge, skills and/or abilities required.

Education: College graduate/certificate required; (1) A bachelor's degree, or (2) achievement of formal certifications recognized in the industry as equivalent to a bachelor's degree (e.g., CPA certification in lieu of a degree).

• Degree in Business Administration, Finance, Accounting, or Economics is preferred.
• CPA or master’s degree in preferred field required.
• Relevant industry experience desirable.

Experience: Five to ten years of similar or related experience.

• General knowledge of Credit Union policies and procedures is required.
• Familiarity with accounting for a financial institution preferred.

Communication: Excellent verbal and written communication skills, with the ability to explain complex financial concepts clearly and effectively.

Business Acumen: Strong understanding of the financial services industry and the ability to identify and act on strategic goals.

• Public Relation and people skills are a necessity.
• Understanding business operations
• Adapting to change

Collaboration: Ability to work effectively within a team and foster strong working relationships across departments.

• Ability to work well under pressure.
• Ability to work independently in the context of strategic goals.
• Possesses an attention to detail and a high degree of accuracy.

Professionalism/Attitude

• Believes in own capabilities and knowledge to affect positive outcomes and even succeed where others may not and demonstrates that attitude in performing day-to-day activities.
• Self-motivated by the desire to accomplish goals and have exceptional performance; very open to receiving constructive feedback.
• Understands that change is necessary to evolve as a person and an organization, and reflects that in the context of daily work, handling change without becoming disengaged.
• Displays an on-going commitment to learning and self-improvement in areas that are job and/or organization relevant.

Leadership

• Embodies the credit union’s core values: Trust, Compassion, Inclusivity/Diversity, Innovation, Empowerment, Stewardship, and Flexibility.
• Takes initiative to be involved in networking opportunities in the community.
• A desire to make a positive impact through financial education and advocacy.
• Generates innovative ideas, and creative solutions to challenging problems.
• Models’ behavior that builds inter-personal trust and personal integrity within the team.
• Offers to take additional responsibilities contributing to the success of the team.

Performance Goals

1.    Net Worth Ratio and Key Financial Metrics

• Target: Achieve and maintain a net worth ratio of 9.25-10.25% that supports the credit union’s long-term sustainability and community development initiatives.
• Measurement: Quarterly review of net worth ratio, return on assets (ROA), and other key financial ratios against established benchmarks.

2.     Community Development Investment Allocation

• Target: Ensure that 60% or more of new investments, including CDs, loan participations, and mortgage-backed securities, qualify for CDFI financing activity.
• Measurement: Quarterly analysis of investment portfolio to verify compliance with the community development mission, with reports presented to the Board.

3.    Budget Variance and Strategic Alignment

• Target: Maintain budget variances within +/- 10% of projections while ensuring alignment with strategic community development goals.
• Measurement: Monthly and quarterly variance reports with explanations and corrective actions, if necessary, with alignment checks during strategic planning sessions.

4.    Risk Management and Reserve Levels

• Target: Maintain adequate reserves and financial buffers that account for increased credit risks associated with serving underserved communities, with reserve levels meeting or exceeding regulatory requirements.
• Measurement: Regular monitoring of reserve ratios and risk management strategies, with reports on risk levels and reserve adequacy provided to ALCO and the Board of Directors.

Performance Measurements

• Job Knowledge: The depth and breadth of know-how to perform essential duties and functions of the job. The level of compliance with degree, certification, and training requirements. Understanding of how individual job performance furthers organizational objectives. Willingness to update and expand skills, knowledge, and training.
• Management Effectiveness: The overall ability to supervise and direct people and/or resources to meet department goals. The level at which one is able to motivate people, plan and prioritize unit operations, respond to changing conditions, and manage costs effectively.
• Strategic Planning: The degree to which the incumbent gathers and interprets data, appropriately applies knowledge to the planning process, and generates strategic plans that contribute to the short and long-term goals and objectives of the organization. Effectively conveys the vision, strategy, goals, and culture of the organization. Considers strengths, weaknesses, opportunities, threats, and any other factor that might possibly affect company objectives.
• Investment Performance: The level of effectiveness in managing an investment portfolio as measured against company expectations.
• Reporting: The accuracy and timeliness of records, documents, and reporting. The ability to create complete, correct, and appropriate, detailed records. Compliance with established reporting policies and deadlines.
• Decision-Making/Judgement: The ability to make prudent decisions that are timely, well researched, and reflect awareness of impact.
• Policy Compliance: The degree to which the employee has a knowledge of and complies with organizational policies, procedures and guidelines. 
• Communication: The ability to effectively converse and listen to both internal and external members. The use of proper written and grammatical skills, and the meaningful application of computer