June 23rd, 2021
Have you heard the big news? On July 1st, we launched strategic CFO Services designed specifically for small and mid-sized credit unions!
We’ve been deeply troubled by the amount of “backbone” credit unions merging recently. And by “backbone” credit unions, we mean the thousands of credit unions under $500M in assets who embody the original spirit of the credit union movement. They are disappearing before our eyes, and for reasons all the more pervasive with each passing day: lack of staffing and resources.
The mere task of finding a skilled CFO, and affording one in todays’ economy, is monumentally challenging. Credit unions across the country are left struggling to piece together ad-hoc CFO duties. Executive teams are being pulled away from their core competencies. Just take a look at CUNA’s recent report that examines the plethora of challenges smaller credit unions face, from HR to technology.
So we decided to do something about it. We were the first to offer full credit union accounting services in the country, and now we are the first to offer CFO services specifically for credit unions under $500M. We want to lower barriers for smaller credit unions by making skilled CFO-level resources available, without the exorbitant costs of hiring, training, and benefits. We do this by offering our services via fractional consumption – meaning you choose how many hours you need a CFO for each month.
“Our goal is to create strategic partnerships with credit unions. We want to create long-term strategies and a roadmap for health and viability,” says Diane Parham, CFO of Aux and Head of CFO Services. “Mergers are one of the greatest threats to the credit union movement. Many credit unions are desperate for this level of help; they simply cannot get a CFO, financials start to unravel, and they look to a last resort – merging. We strive to break this cycle.”
Armed with some of the most respected and competent credit union CFOs in the nation, we’re standing by to help your credit union or a credit union you know who may in need. If you are anticipating a loss of a key financial manager or are struggling to find a seasoned credit union CFO for your organization, let’s chat about how our services work and how we might be able to step in and assist your credit union.