WASHINGTON – Ever since leaving the NCUA Board in 2001, GeoffBacino says he has been inundated with job offers, endorsementdeals, and consulting work, but nothing seemed to fit until now.Bacino is joining Denver-based CENTRIX Financial as Executive VicePresident for Legislative Affairs. “I have had a lot of offers,this one just looked to be a good fit. I wanted to protect myreputation personally and as a former NCUA Board member. I think asa former board member you have a responsibility to do that,” hesaid. Bacino, admittedly, likes politics and is known as apolitical player in the industry. His name has been rumored as apossibility for the top spot at NASCUS, the Colorado League andeven a return to the NCUA Board. Bacino said the Centrix job willallow him to practice politics, but also follow through on work hestarted during his brief stint on the NCUA Board. “I will beworking with state and federal regulators, and sometimes Congress.I'm going to be able to use politics here, leveraging the contactsand the folks I know in Washington and the states. But I will beworking to try and bridge the disconnect out there betweenunderstanding subprime lending and predatory lending. The big callnow is to get rid of predatory lending, which is right, butsubprime lending serves a need,” said Bacino. Bacino will bedelving into subprime lending because that is CENTRIX's business.The company has been tremendously successful in credit union landin getting credit unions to embrace more B, C and D paperapplicants for auto loans. Founded in 1990, it has over 200 creditunion clients. Its core product is its Portfolio ManagementProgram, designed specifically for CUs to help them serve the autolending needs of members in the subprime category. “His work inWashington is twofold: He will serve as an advocate for theconsumers who need our services, and will act promoter andfacilitator for the goals and missions of our partner leagues andcredit unions,” said Robert Sutton, Chairman and Chief ExecutiveOfficer of CENTRIX. Borrowing a line from NCUA Chairman DennisDollar's playbook, Bacino believes credit unions have to be “risksensitive, not risk averse.” “Part of the trade-off for these largecommunity charters credit unions are being approved for is you'regoing to have to serve everyone in those communities. Credit unionstalk a good game, but they have to be able to follow through, andserving members not as fortunate is part of it,” said Bacino.Forget the implied responsibility, Bacino believes there is astrong business need for CUs to serve the B, C and D paper market.“Those are the markets that are growing, not the A paper. It's theonly part of the market that has grown in the last 10 years. Peopleget divorced, lose their jobs – there are legitimate reasons forpeople to need subprime lenders,” said Bacino. Of course subprimelending is riskier. Charge-offs for lower quality credit applicantsare higher than top credit applicants, but with expertise creditunions can make it a profit center. “It is risky by its nature, soyou need the specialization, just like you do for ALM, memberbusiness lending and if you want to go way back, how you needed itfor share drafts. It's no different here,” he said. Bacino, 41,will be able to stay in Washington, D.C. with this job. That was anattraction because he did not want to uproot his family. Bacino hasa wife, Nathalie, and four kids (three girls and one boy). He willgive up his D.C.-based credit union consulting firm, Bacino &Associates, which he has run for 15 years. This isn't Bacino'sfirst job since leaving the NCUA Board. He also worked for creditunion consultant Counter Intelligence Associates, San JuanCapistrano, Calif., for about a year. He did strategic planning,charter consulting and other high-level consulting work with CIA.His credit union career began at Callahan & Associates, wherehe was the first employee of the now well-known credit unionstatistical/consulting firm. He later ran the National ShareInsurance Corporation, a trade association for private insuranceorganizations and the credit unions they insured. From there hemoved on to CUNA as a lobbyist and then started Bacino &Associates. Bacino also co-founded the National Association ofState Chartered Credit Unions, which eventually merged with NASCUS.“I will always have a soft spot in my heart for state-charteredcredit unions and NASCUS,” said Bacino. [email protected]

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