NAFCU Network Spotlight: Q&A with Gulf Winds CU's Dale Johnson
Over the next several weeks, NAFCU Today will be giving credit unions an inside look at each of the seven NAFCU Networks – offered complimentarily to member credit union professionals – via a Q&A with a network member. Today's feature on the CFO Network comes from Gulf Winds Credit Union Executive Vice President of Strategy and Performance Dale Johnson. See what Johnson has to say about the benefits of the network, financial challenges credit unions should be prepared for in 2021, and more.
Q: Why did you become a member of the NAFCU CFO Network?
A: I enrolled as a member of the NAFCU CFO Network as a result of its creation and my attendance at the first NAFCU CFO Summit in 2018. The connections that I had made at the Summit helped me gain insight and perspective that have been valuable to Gulf Winds CU. The CFO Network helps to extend those relationships and provides an opportunity to help peers as they work to strengthen their cooperatives.
Q: What would you say is the biggest benefit of participating in the network?
A: The greatest benefit of the network is that I have access to multiple strategies and opinions in a central location. In many cases, our institutions are navigating the same macroeconomic and regulatory forces and the insight and wisdom of the group can be extremely valuable. I also appreciate that members are willing to share best practices or strategic initiatives that have helped their credit unions succeed.
Q: What advice would you give to those who have recently joined the network?
A: The most important thing that you can do is participate. Join the discussions and ask questions. The network is as beneficial as you make it. I would encourage new participants to read through the discussion list to see if prior threads might help with an issue they are facing today. I also believe that establishing a regular time (monthly, semi-monthly) to check recent posts and provide feedback is helpful. Please reciprocate with your peers. You may never know how much your answer might help one of our other members.
Q: What do you think will be the biggest challenge facing credit union CFOs and other finance executives in the next year? How can the network help the industry address it?
A: As always, we have several items to monitor in 2021. Earnings, asset quality, and remaining future-focused are emerging as primary challenges.
- Profitability has been and will continue to be stressed. Record levels of economic stimulus have eliminated liquidity need; but are likely creating earnings pressure when coupled with the low interest rate environment. Effectively lowering cost of funds while maintaining loan yield is a primary goal.
- Asset quality is a primary concern for me as our members navigate employment headwinds, member assistance programs end (deferments and forbearance), and we continue to deal with the pandemic.
- Finally, the discipline to stay connected with the Board of Directors and our fellow executive team members is as important as ever. Our voices can help alleviate concern, bring clarity to the strategic horizon, and help our credit unions find a way to assist our members in 2021 and beyond.
I am confident that the CFO Network will be an important resource as we all navigate 2021. The CFO Network’s participants are facing many of the same challenges. Our openness to ask questions and discuss solutions can help all of us learn and grow together. I am thankful for the CFO Network’s assistance and look forward to partnering with each of you on your journey as well.
NAFCU launched the CFO Network in 2018 and has expanded to six other professions:
- Compliance, Risk & BSA Network;
- Lending Network;
- Marketing & Growth Network;
- Human Resources Network;
- Cybersecurity & IT Network; and
- CEO Network.
Across these seven online communities, more than 12,000 credit union professionals engage in discussion threads, share best practices, and have access to leading industry resources and insights. NAFCU's government affairs team also provides updates on closed-door meetings with regulators, administration officials, and other decision makers, as well as regulatory and legislative developments.
A new feature to the networks: The ability to post anonymously to ensure credit unions can still get insights even on sensitive issues.
The NAFCU Networks are free, member-only resources. Register now to join a NAFCU Network, or email NAFCU Senior Member Experience Strategist Allyson Gale. Representatives from NAFCU-member credit unions may use their NAFCU website login to access the network.
Next week's NAFCU Today spotlight will feature the Compliance, Risk & BSA Network.
Add to Calendar 2021-02-26 14:00:00 2021-02-26 14:00:00 The CDFI Rapid Response Program With the recent COVID-19 relief legislation, unprecedented levels of funding are being directed to underserved communities, especially communities of color. Community Development Financial Institution (CDFI) certified credit unions have a critical role to play in deploying these funds. The CDFI Fund's Rapid Response Program (RRP) opens by February 25th, making available $1.25 billion in grants to CDFIs. This webinar will help you to prepare for the RRP and other CDFI applications. All first-time CDFI Fund grant applicants are urged to attend. Don’t miss this unique opportunity to learn more about how your credit union can tap into these resources for the benefit of the members and communities you serve. CDFI certification is an essential credential for credit unions with a focus on financial inclusion today. If you have never applied for a CDFI grant, don’t miss this critical webinar. Key Takeaways Review updated information about the RRP opportunity and application process Walk through critical first steps to complete before you apply for CDFI Fund grant Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until February 26, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) Business Lending Staff Lending Staff Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Add to Calendar 2021-02-25 14:00:00 2021-02-25 14:00:00 Fundamentals of Credit Union Subordinated Debt This webinar will cover NCUA’s new rule authorizing the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Previously only low-income credit unions could issue subordinated debt that can count toward their net worth requirement. Under the rule, complex credit unions and new credit unions, as well as low-income credit unions, may issue subordinated debt that can count toward their risk-based capital requirement. The webinar will address material terms of the rule and the subordinated debt instrument. We’ll also cover the regulatory approval process, eligible investors, the offering process, reasons to issue subordinated debt and the current interest rate environment. Key Takeaways Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until February 25, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers Executive Vice Presidents Chief Financial Officers Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCRM, NCCO, CPE
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