accomplishments

Dannemora FCU CFO Accomplishments

  • Loan Growth 6.2%; Net Worth Growth 2%; Asset Growth 1.5%; Membership Growth 12%
  • Accomplishments:
    • Provided solutions to maintain and enhance earnings and net interest margins through lending and investment opportunities and management of liabilities;
    • Developed and implemented senior management level policies;
    • Facilitated “risk based lending” and collections training program representing an advanced approach to lending in an effort to provide the credit union’s consumer loan officers the necessary tools to effectively meet the needs of A through E borrowers with expectations of experiencing higher net yields, lower delinquencies and charge-offs;
    • Developed an investment strategy whereby the investment yield and the cost of liabilities was more equitable reversing recent trending;
    • Centralized the accounts payable process to enhance internal controls and earnings;
    • Identified weaknesses and allocated additional resources to the asset recovery department to facilitate the timely charge-off of non-performing loans and increase revenue streams through recoveries;
    • Advocated credit union industry initiatives directly with congressional representatives; and
    • Assisted in the deployment of innovative new retail banking services while maintaining favorable economies of scale.

Tri-Lakes FCU CEO Accomplishments

  • Under new leadership and direction, addressed and resolved significant deficiencies relative to recordkeeping and accounting and reporting irregularities, internal controls, substandard underwriting and collection practices, operational matters, compliance and regulatory concerns.
  • Accomplishments:
    • Stabilized the credit union and resolved significant deficiencies with the development and deployment of a risk management program through policy, process, personal and control systems.
    • Achieved a high level of regulatory and financial transparency with interested parties;
    • Developed and maintained a realistic budget, net worth restoration plan and business plan to address regulatory concerns under Prompt Corrective Action;
    • Addressed concerns regarding safety and soundness, credit, interest rate, liquidity, transactional, compliance, strategic, and reputation risk.
    • Facilitated a “risk based lending” training program representing an advanced approach to lending in an effort to provide the credit union’s consumer loan officers the necessary tools to effectively meet the needs of A through E borrowers with expectations of the credit union experiencing higher net yields, lower delinquencies and charge-offs; and
    • Achieved a 22% reduction in overall operating expenses and increased investment and non-interest income while continuing to deliver innovative retail banking products and solutions.



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