Chief Financial Officer

Empower Federal Credit Union - Syracuse, NY

Full-time - Executive

Syracuse, NY

Credit Intermediation and Related Activities

About the position

The Chief Financial Officer (CFO) is a critical leader responsible for directing the financial strategy and operations of the Credit Union, with a focus on establishing and achieving major economic and financial objectives. This role is pivotal in driving financial performance, safeguarding the Credit Union's financial strength, and shaping its long-term strategic direction. The CFO determines both short-term and long-term objectives in Accounting, Finance, Treasury, Risk Management, and Financial Planning & Analysis (FP&A). The role includes overseeing the development, implementation, and execution of strategic initiatives that drive growth and ensure the Credit Union's financial health and stability. The CFO also manages key functions such as budgeting, accounting, purchasing, real estate, and liquidity management, ensuring alignment with the Credit Union's goals. Reporting directly to the CEO, the CFO collaborates closely with senior leadership and the Board of Directors to steer the organization through a dynamic economic environment. The CFO actively seeks opportunities to optimize operations, mitigate risks, and leverage investments to support the Credit Union's mission. Additionally, this role involves maintaining primary oversight of interest rate risk, liquidity risk, and other critical risk factors to promote balanced and intelligent growth. Headquartered in Syracuse, New York, the CFO plays a vital role in leading a high-performing team, fostering a culture of financial excellence, and driving the Credit Union's success in an increasingly competitive and regulated environment.

Responsibilities

• Directs and monitors finance and accounting operations to ensure that the credit union meets established goals and objectives.
• Establish and drive financial strategies aligned with the Credit Union's long-term objectives, collaborating closely with the President/CEO and the Board of Directors.
• Direct and monitor finance and accounting operations to meet established goals and ensure the Credit Union's financial health.
• Maintain oversight of Liquidity and Interest Rate Risk, managing these through robust Asset Liability Management (ALM) practices.
• Direct the preparation and evaluation of budgets and capital plans; monitor expenditures and financial performance.
• Oversee the preparation of financial reports, including income statements, balance sheets, and reports for regulatory agencies and the Board of Directors.
• Directs the preparation and evaluation of budgets and capital plans; oversees the month-to-month reporting of financial results to ALCO.
• Invest excess funds based on ALM outputs and liquidity needs, ensuring alignment with policies and regulatory guidelines.
• Develop and maintain ALM, Concentrated Risk, Liquidity, and Investment Management policies, ensuring annual review with the Board.
• Oversee reporting to regulatory authorities and collaborate with auditors on year-end and comprehensive audits. Ensure compliance with financial regulations and internal policies.
• Write, review, and distribute financial policy and procedure statements to ensure regulatory and policy compliance.
• Review operational procedures and vendor relationships to optimize efficiency and reduce costs. Evaluate and recommend vendors, maintaining strong relationships.
• Stay abreast of BSA/OFAC/CIP regulations and ensure organizational compliance through training and policy updates.
• Lead and mentor the Accounting & FP&A teams, ensuring alignment with Credit Union goals. Provide vision, set objectives, and ensure necessary tools and training are in place.
• Establish clear directions for direct reports, conduct regular follow-ups, and evaluate performance to ensure departmental success.
• Foster the growth of department staff through strong communication and delegation, ensuring a cross-trained and effective team.
• Participate in the Credit Union's strategic planning process, contributing financial expertise to long-term growth strategies.
• Evaluate and recommend strategies for potential mergers and acquisitions.
• Develop and implement mechanisms for timely and accurate financial analysis, ensuring sound decision-making and resource allocation.
• Prepare financial reports and presentations for Senior Management and the Board of Directors as required. Keep the President/CEO informed of the Credit Union's financial condition.
• Represent the Credit Union in civic or non-profit organizations, enhancing the institution's community presence.

Requirements

• 10-15 years of similar or related experience preferably in a banking or credit union environment, in senior-level positions.
• A master's degree, or a bachelor's degree plus professional certification (e.g., CPA).
• Proven strategic, operational, and managerial ability in financial-services delivery or credit union/banking setting.
• Demonstrated understanding and successful track record of optimizing delivery and cost with a focus on quality of member-experience outcomes.
• Proven strong ability developing and implementing plans and analyzing financial and quality data.
• Demonstrated business and financial acumen, including a sophisticated knowledge of major financial, regulatory, compliance, ethical, and legal issues affecting credit unions.
• Understanding of the levers that impact our success.
• Demonstrated track record of building and nurturing diverse, equitable and inclusive teams.
• Proven ability to attract and recruit top talent, motivate the team, delegate effectively, celebrate diversity within the team, and manage performance.

Nice-to-haves

• Strong interpersonal skills
• Excellent oral and written skills
• The ability to influence and collaborate with others at all levels of the organization
• Strong business acumen
• Ability to work effectively in a team environment

Benefits

• Competitive salary range from $267,341.10 to $356,454.80 annually
• Comprehensive health insurance
• Retirement savings plan
• Paid time off and holidays
• Professional development opportunities