MADISON, Wis. – Chief financial officers that want to be in the know need not look any further than the CUNA CFO Council says Brian McVeigh, CFO Council chair and NuUnion Credit Union senior vice president/CFO. Founded in 1994, the CUNA CFO Council was developed from credit union CFOs looking to have a dedicated forum to discuss their particular challenges while furthering their education. The council is designed to be a resource that helps its members not only handle day-to-day functions, but also helps further their professional development. Over the years, CFO Council membership has swelled from an initial six to 700 this year. “We all have about the same issues and the member networking opportunity alone is huge,” said McVeigh. “We do member surveys every year and our members all tell us that feeling comfortable enough to pick up the phone and call a peer up that has already dealt with a situation you are currently dealing with or can just offer insight is one of the greatest values of membership.” In addition to sharing best practices, members also stay connected via an online listserv where they can discuss the latest buzz, ask questions and search past discussions by topic. Membership also grants access to CFO News, which provides council activity updates and tips for finance professionals; white papers; and the annual conference, which not only offers formal educational sessions, but more brainstorming opportunities with peers. There is even an online database with job search and posting capabilities to help CFOs with their career moves.

The council recently opened membership eligibility requirements to include anyone under the purview of CFO. “We had a lot of requests from members who said if the education is beneficial for them why not include the people they work with and it was a good point. So now anyone who works under the umbrella of the CFO function can join,” said McVeigh. With the implications of possible Sarbanes Oxley internal control requirements should they become applicable to credit unions and the impact of prompt corrective action legislation it is more important than ever to be aware and stay updated says McVeigh. In addition to keeping a finger on the Washington pulse, McVeigh says another challenge to be faced currently and looking ahead is how to make a margin with a flat yield curve. “The council is busy this year we’ve just completed our biannual member survey, there is a conference this month, our scholarship program continues to take root and we are working on more white papers,” said McVeigh. “We’re currently putting together the numbers for our latest white paper relating to noninterest income and we hope to have it completed within the next three months.”

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