NEW ORLEANS — After federal and state regulators told TruWest Credit Union to either reach positive ROA by June or budget using last year's expenses, TruWest Credit Union Senior Vice President Jason Scott made the difficult choice to eliminate 12 full-time positions.
But rather than just focus on cost savings in salaries and benefits, Scott told his fellow CUNA CFO Council members that he took the opportunity to improve efficiencies along the way. He was joined by co-presenter Jason Peach, chief financial officer at West Community Credit Union, for an interactive session regarding best practices to manage expenses.
In TruWest's training department, for example, employee efficiency ratios weren't as high as in other departments. Scott discovered eliminating one position would bring the department back into line with the rest of the institution and used that as basis to cut from training.
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