NEW YORK–As the CUNA Finance Council marks its 25th anniversary, a panel of CFOs and CEOs who have been a big part of the group’s history shared their perspectives on the Council, careers in finance, and more.
The Finance Council was founded as the CFO Council.
Participating in the panel were Mike Lord, CEO, State Employees CU; Vince Market, EVP/COO with TruMark Financial CU; Kerry Parker, CEO A+ FCU, and Alan Wade, EVP/ CFO with Member One FCU. The session was moderated by Pam Finch, a strategic consultant and coach/CEO with Red Ribbon Consulting.
Here’s a look at what was discussed:
Finch: What were some of the driving factors in forming the Council and some of the issues you were hoping to address?
Parker: One was camaraderie. Many of us were trying to figure out what was the next step for all of us. We wanted to know how could we do better in our current roles or hit the CEO ranks. We were also trying to get some discussion around what kind of impact we could have on our industry.
Finch: In 25 years, the CU movement has certainly evolved on its own. How would you describe the CU movement evolution?
Lord: I think we have evolved at a rapid pace and the speed of change has grown exponentially. Each of us is trying to manage that change, the changes in technology and the ubiquity of competitors now. There’s Walmart and State Farm Bank. Everybody is in the business of providing these services. If you think about it, we’re really providing the same services we did years ago, by and large–vehicle loans, credit cards, mortgage. That’s the nuts and bolts at SECU. The products haven’t changed radically, but the delivery has.
The other issue is the industry is shrinking. The big guys are getting bigger and the small buys are struggling with compliance and other issues that are causing challenges. How do we handle that consolidation? How do we remain relevant? A certain degree of paranoia every day and a need to stay relevant keeps us on our toes.
Parker: I think the foundation of credit unions and the board structure of 25 years ago was very different. Getting board members then than now is different–how to fill with folks who appreciate our value proposition has been a big change. Keeping them up to speed on everything they need to be up to speed on; how do we deal with that? That’s a big challenge.
Market: I think the CFO Council has helped us in how we engage with our board members. Coming here on annual basis was always a good way to benchmark your credit union and yourself in how you stand relative to your peers and how you engage with your board.
Finch: How has the CFO role evolved in 25 years?
Wade: Twenty-five years ago as accounting department manager I was very much in the weeds. We were much smaller, with a smaller staff. My job was very different, very hands-on. Over time, our credit union grew, and as our credit union grew my responsibilities grew. The role of CFO from my perspective today is a much more strategic role. There are other individuals who handle those day-to-day responsibilities. My role is much more about directing and guiding others who are developing in those roles and wearing hats I wore many years ago. Our executive team, when we meet, we are trying to figure out how to accomplish the strategic initiatives we have set for our credit union. More and more of my time is spent in that strategic thinking role.