Category

News

Vacancy – Community Credit Union – CEO

By | Job Vacancy, News

Role Profile

Title:                            Chief Executive Officer (“CEO”)

Reporting to:               Board of Directors

Contract Type:            1 Year Fixed Term Contract

The Opportunity

Community Credit Union Limited (“CCU”) was formed in 2010 through the merger of Clonsilla and Premier Credit Unions. Following this merger and a subsequent merger with West Cabra Credit Union in 2015, the credit union now has a membership base of 41,000 and total assets in excess of €120m.  The Credit Union has four offices in West Dublin with its main office on the Navan Road, Dublin 7.

We have an immediate vacancy for a proactive and self-motivated CEO.

The CEO will have responsibility for the day-to-day management of the credit union’s operations, compliance and performance and shall be responsible to the Board of Directors (“the Board”) for the performance of his or her functions, and of staff in the discharge of their duties.

The position is a Pre-approved Controlled Function for Fitness and Probity under the Central Bank Reform Act 2010 (Sections 20 & 22 – Credit Unions) Regulations 2013.

Reporting to the Board, the CEO will be responsible for:

  • The preparation and proposal to the Board for debate, scrutiny and approval, strategies for the Strategic Plan that the Board are required to prepare and approve under current legislation.
  • Implementing the strategies agreed by the Board to the standards set out in the strategic plan or as otherwise required by the Board.
  • The proposal of policies for consideration by the Board, ensuring implementation of agreed policies and procedures.
  • Reporting to the Board at each meeting and keeping the Board informed of all matters relevant to its role, and advice to the Chairman on all relevant matters arising between Board meetings.
  • Supporting the Board in the discharge of its role and functions.
  • Providing overall direction and leadership in the management and development of the credit union and an effective working environment for employees.
  • Appointing persons as employees as the CEO considers appropriate for the proper functioning of the credit union in consultation with the management team.
  • Proposing for Board approval plans in relation to the recruitment, numbers, training, remuneration and conditions of service of staff.
  • The monitoring, review and oversight of the performance of staff reporting directly to the CEO.
  • Ensuring the existence of policy guidelines for operational areas setting out authority, responsibility and accountability as appropriate to various levels of staff across the credit union.
  • Setting targets for all key business operations in line with Board policy.
  • Ensuring the credit union operations provide excellent customer services to Members and to engage with Members to discuss issues, as appropriate.
  • Representing the credit union in business relations with stakeholders and engage with staff, external service providers, partners and other Credit Unions where necessary.
  • Undertaking other reasonable duties as may be directed by the Board from time to time.

Qualifications & Knowledge

The successful candidate will be an ambitious individual with the following experience and qualifications:

  • A degree or equivalent professional qualification in Risk, Finance, Accounting or management, Business, or related field.
  • Minimum of four years previous experience in a Credit Union or similar Financial Institution at management level.
  • An understanding of the credit union ethos and operating culture.
  • Business acumen and effective financial control.
  • Demonstrate strong analytical and problem-solving skills, resilience and sound judgement in addition to dynamic financial management and governance skills.
  • Good technical skills with an understanding of the regulatory environment for credit unions.
  • Excellent verbal and written communication skills.

Applications quoting reference CEO01 including CV and cover letter by email only should be addressed to:         Nadine.halligan@communitycu.ie

Remuneration will be commensurate with relevant experience.

Our Recruitment Privacy Notice is available in the download section of our website www.communitycu.ie

Closing date for receipt of applications is 5pm on 09 April 2020.

Short listing may apply and assessment will be completed on the basis of the information provided in the application.

Community Credit Union Limited is an Equal Opportunities Employer.

Community Credit Union Limited is regulated by the Central Bank

Chief Financial Officer – Bray Credit Union

By | Job Vacancy, News

Bray Credit Union Ltd.

is now inviting applications for the following position

Chief Financial Officer (BCU CFO 2020)

Bray Credit Union is a progressive, modern financial services provider, with over 24,000 members.  We are based in Bray and boast total assets of €131 million.  Bray Credit Union prides itself on being at the heart of the community.  Our core value is to serve our members and the community, whilst striving to maintain the highest professional standards.  A unique opportunity has arisen within Bray Credit Union to provide direction and leadership towards the achievement of this vision.

Principal responsibilities of the Role

The Chief Financial Officer (CFO) will report to the CEO and the Board and will have overall responsibility for the delivery of timely and accurate financial management reporting.  The CFO will support the development and execution of the Credit Union’s Finance Strategy and ensure alignment with the overall objectives of the Strategic Plan.  In addition, the CFO will implement effective processes and controls to accurately measure and report financial performance and review all financial reports ensuring that underlying processes, review and controls have been completed in accordance with best practice and regulatory requirements and that the appropriate supporting detail is in place to substantiate the final balances.

Key Responsibilities

  • Overseeing the management and co-ordination of all internal and external financial reporting, including the consolidation of monthly management accounts and central bank reporting.
  • Responsible for preparing and monitoring monthly and annual budgets.
  • Responsibility for Payroll and ancillary products.
  • Overall management of Bank Reconciliations and investment strategies.
  • Overall responsibility for Controls and Compliance in Accounts, EFT and cash offices, ensuring that all statutory requirements are met.
  • Responsible for budgetary control and forecasting.
  • Review of investments, including portfolio decision making with the CEO, Board and external bodies.
  • Responsible for the preparation of financial information for the Board and committees.
  • Support the CEO by providing analysis of financial information, with the provision of ad hoc reports that will lead to new business initiatives.
  • Undertake such other duties as may be delegated by the CEO and Board of Directors from time to time.

The successful candidate should have the following attributes

  • Strong on financial analysis with a good understanding of Credit Union rules & regulations.
  • Ability to plan budgets and oversee budget implementation.
  • Excellent report writing, presentation skills, administrative, organisational and business support skills.
  • Ability to multi-task and work calmly under pressure.
  • Ability to adapt to differing requirements and prioritise information needs.
  • Attention to detail and good judgement showing logical decision making and a hands-on approach to tasks.
  • Change management orientated.

Required Experience and Qualifications:

  • 5 years’ experience working in the financial sector or equivalent with a proven track record of managing staff.
  • ACA, CIMA or ACCA qualified or similar qualifications.
  • This role is a Central Bank Pre-Approved Control Function and is subject to Fitness and Probity obligations.

Applicants should state clearly the position they are applying for by quoting the reference BCU CFO 2020

Applications including CV by email only addressed to: recruit@pinta.ie

Closing Date for receipt of applications is Friday 17th April 2020

Short listing may apply and assessment will be done on the basis of the information provided in the application.

Bray Credit Union Ltd is an Equal Opportunities Employer

COVID-19 Update

By | COVID-19, News

CUDA, and our Member Credit Unions, are following the COVID-19 developments very closely. We continue to monitor the latest advice from the Government and from the HSE, and want you to know that we have plans in place to ensure members continue to be able to access the services they need.

Read More

New lending rules will finally allow Credit Unions to compete

By | News

Survey – 3 out of 4 (77%) Consumers believe Credit Unions should compete more aggressively with Banks

  • Some credit unions poised to double or triple loan book size as a result of rule changes to longer-term loans
  • Credit unions disappointed at limited permission to become a key business loan provider and to support Government Housing Schemes

CUDA believes that the new rules which aligns the volume of loans a credit union can issue to their asset size is fundamental, and could enable many credit unions to double or treble their lending in certain loan classes.

Credit unions can and should ‘take on the banks’, according to more than 70% of Irish adults in a recent survey, commissioned by CUDA and conducted by iReach. The majority (74%) of adults believe that credit unions could make a bigger impact and should collaborate to compete with the banks.

Kevin Johnson, CEO of the Credit Union Development Association (CUDA), commenting on the new rules issued by the Central Bank of Ireland today, said  “Up until now the level of loans the credit union should give out was based on the percentage of loans already issued. This was holding credit unions back from providing more loans to support their members and their communities. Now the volume of loans will be based on a percentage of assets of the credit union. With an average of just 28% of assets currently lent out, the Regulations will allow many credit unions to do more loans for more people.

CUDA has persistently lobbied for these changes since 2015 and are delighted that these changes will bring much needed competition to the market for mortgages, home renovations and business loans”.

“We look forward to providing the wider range and higher volume of loans now permitted under the new rules and welcome the Regulator’s commitment to re-evaluating these limits as the sector evolves in these areas of lending. In particular CUDA believes credit unions are ready and willing to help do more in filling the void for business loans left by the banks”.

Kevin Johnson went on to express disappointment that credit unions will be prohibited from supporting aspects of Government Housing Policy such as the Repair and Leasing Scheme. There is no logic, he said, to prohibiting credit unions from providing much needed loans to their members who want to help rebuild Ireland through the Repair and Leasing Scheme. Kevin further expressed disappointment with the limit on the number of business loans a credit union can do in a time when many credit union members who are small businesses are crying out for funding.

CUDA is committed to getting solutions to these issues and will speak directly with the Department of Finance, Department of Housing and the CBI on these matters.

Kevin concluded, “It’s very encouraging to find that 59% of people aged between 18-34 either agreed or strongly agreed with the perception of credit unions being ‘dynamic and innovative’. We have made huge effort and investment in recent years to develop our work in line with advances in technology through our innovation hub, the Solution Centre. In the past three years we have introduced new lending products and these new limit rules from the Central Bank will allow us help credit unions further develop. Our Digital Marketing adverts reached 2.74m people so far in 2019, creating over 18,000 loan leads with a value of €102m. We are committed to broadening the appeal and relevance of the credit union movement among younger generations, and to making our services as accessible as possible, to as many members as we can, both old and new.”

-ENDS

 

CUDA Training & Development Programme 2019

By | Competency and Training, News

The CUDA Training and Development Programme for 2020 includes a number of targeted areas for Boards of Directors, Board Oversight Committees, Management Teams and Credit Union personnel.  All of the programmes are devised collaboratively between CUDA and experts in the field to ensure the content is specifically designed to support Credit Unions in the current challenging environment.

CUDA encourages participation from both member and non-member Credit Unions at all training events, thereby providing a valuable opportunity for networking and knowledge sharing. Leadership development for Boards of Directors, Board Oversight Committees and Management Teams, all mandatory training requirements and training events specifically designed for Credit Union Staff are all included in the 2019 CUDA Training and Development Programme.

CUDA Training & Development Calendar Flyer

Consumers & Minister’s advice at one in supporting Credit Union development

By | News

In 2016 the Minister’s Advisory Committee took the brave decision to review the implementation status of the recommendations made by the Commission on Credit Unions back in 2012 and reported specific areas where proposals were not introduced and may be negatively impacting credit unions’ business development.

Commenting on the report, Kevin Johnson CEO of CUDA said, “In recent years it has been widely reported that credit unions should develop their business models and grow income in a prudent manner and these proposals will contribute to that objective. This is supported by a survey of 1,000 consumers conducted by iReach just before Christmas, which found that the majority or 74% of adults believe that Credit Unions could have either a big or some impact on the banking market in Ireland and should pool their resources to compete with banks.”

In welcoming this report, CUDA commended the work of CUAC, the Implementation Group and the stewardship provided by the Department of Finance. CUDA now hopes that the Registrar of Credit Unions will embrace the proposals contained in the report, in particular implement the proposals that will see credit unions with the skills and financial strength being permitted to provide more credit, and indeed making different forms of credit accessible to more people.

Kevin went on to say, “Credit unions have demonstrated incredible resilience throughout the recession, and this can be attributed to good governance and compliance with relevant regulation and sees them rightly occupy a position of a trusted advisor to their members. They have earned the right to have legislation and regulations that mirror this, in particular the lending proposals in the report including the basis of the calculation of permitted limits.”

CUDA has for some time advocated the position to set aside a one size fits all regulatory approach and endorse the proposal that when new regulations are being introduced the principle of not restricting any Credit Union from services, or limits, they can currently provide for their members, with automatic inclusion in higher tier for Credit Unions of a certain size and risk profile, and clarity in any approval process. CUDA also calls on all stakeholders to consider modernisation of credit union legislation, such as the common bond, to deal with anomalies that are unintentionally preventing some members, or potential members, access to credit union services.

CUDA will be communicating directly with current serving Government Ministers to reassure them of the prudence of all the proposals, as endorsed by their colleague and Minister for Finance, and how these are appropriate to allow more people experience the benefit of not-for-profit mandate of credit unions and their volunteer ethos and community focus, while giving due regard to the need to fully protect members’ savings and financial stability.

Note to the Editor

CUDA, the Credit Union Development Association, was legally incorporated in 2003. In its early days it was the representative voice, on behalf of its owner member credit unions, with legislators and regulators. It has since evolved and now, as well as providing a ‘voice’, it is increasingly providing support facilities in the areas of regulatory compliance, risk management, shared services and competency development.

Credit unions will use a proportion of €9bn in lending capacity to reduce SME lending costs

By | News

“Rapid growth in Credit Union lending expected to continue as Solution Centre rolls out enhanced Credit Union Business Model”

Responding to today’s launch of the Joint Committee on Business, Enterprise and Innovation’s Report entitled “ The Cost of doing Business ” and last week’s decision by the Department of Rural and Community Development and the Department of Finance, not to support the establishment of a new local public banking system, CUDA (Credit Union Development Association), the representative and lobby group for Ireland’s largest credit unions, said that its 48 strong network of the more progressive credit unions can fill this void and provide the much needed competition to the banks.

Speaking at the launch today, Kevin Johnson, CEO of CUDA, which is also behind the Solution Centre – a collaborative initiative that supplies product development and business supports to the Credit Union sector to enable them to lend to non-core sectors,

“We welcome the excellent work of both Joint Committees and their recognition that the cost of doing business, particularly the cost of borrowing needs be brought down, and that priority should be given to working with the existing framework provided by credit unions and An Post networks nationwide. Credit unions are already playing an increasing role in the Irish retail financial sector and CUDA anticipates working closely with the Central Bank of Ireland to expand the product and services that credit union branches throughout the country can offer individual and business members.

While having enjoyed strong lending growth in 2017, our 48 member credit unions are forecasting rapid growth in 2018 & 2019.”

CUDA say that it has taken a leadership role in lobbying for and developing the changes that are essential for credit unions to meet the demands of the current financial landscape. Through the Solution Centre, they have introduced new products, and implemented new processes and systems that will deliver the benefits that the advocates for public community banking are seeking.”

Mr. Johnson continued,

“Credit Unions have the lending capacity and are developing the expertise to take an enhanced role in relation to lending to SMEs. In tandem with the accompanying management and advisory support structures offered by the Solution Centre, numerous credit unions throughout the country could provide loans to SME’s, say up to €75,000.”

Mr. Johnson concluded,

“Credit unions can be at the financial heartbeat of our indigenous economy and can create a platform for rural revival, and indeed urban stimulation. With 268 credit unions and billions of euro currently available to lend, credit unions are very well positioned to deliver this service.”

Ends

 

Note to the Editor

The Solution Centre

A group of the country’s strongest credit unions established the Solutions Centre, a FinTech facilitated by CUDA, which supplies product development and business supports to the Credit Union sector and has embarked on an ambitious business transformation programme for the sector, of which mortgages is just one milestone.

Rather than simply replicating the actions of banks, the Solution Centre believes that credit unions have the flexibility and adaptability to quickly adopt new ways of doing business that will see a re-building of their market share. Credit Unions participating in our digital loan marketing programme have seen loan growth of 10-20% in a relatively short space of time, with minimal investment. It’s clear the movement’s leading credit unions have embarked on a transformative digital journey.

With 48 of the larger and more progressive credit unions, representing one third of credit unions members, coming together under the Solution Centre umbrella – we now have a structure to facilitate credit unions to achieve their goal of continuing as consumer-owned co-operatives, while delivering much needed new products and services to their members.

 

CUDA

CUDA, the Credit Union Development Association, was legally incorporated in 2003. In its early days it was the representative voice, on behalf of its owner member credit unions, with legislators and regulators. It has since evolved and now, as well as providing a ‘voice’, it is increasingly providing support facilities in the areas of regulatory compliance, risk management, shared services and competency development.