Update from the Chair

Scott Waite
March 31, 2005

The passion that I have for the Councils has given me the vision to try and make a difference for our members. The uniqueness of the Council movement is what sets us apart from the others. That is because this movement is all about you, the members that network among each other. It's about the relationships that you have developed and the influence that you provide to your credit unions and our industry. Collectively we have become a formidable voice in shaping the future of America’s credit unions.

The relationships that you have developed, combined with the influences you provide to your credit unions and the industry, have become a driving force in shaping the future of America’s credit unions.

Having been honored to serve as your chairman for the past four years, I have taken the responsibility seriously enough to build the relationships that I believe will make the right difference.

I have just returned from a week in Washington D.C., providing input on important changes in the credit union framework. Jo Anne Johnson, chairman of the NCUA, wanted to know how the CFOs of this country feel about the new PCA reform proposal, and looked to the CFO Council for feedback. As many of you know, she will again be a keynote speaker at our conference in May. Her chief of staff, Holly Herman, a former CFO, assured me that she went through the numbers quite thoroughly and believes that their proposal is strong in supporting needed reform. Whether you agree or disagree with the proposal, their interest in what we think is the point here. We represent over 600 of the nation’s credit union financial officers. When asked what better group to gain insight from, I responded, “None. We are ‘The Group’ and look forward to giving you the feedback of our experienced executives.”

Many of you know that as a result of my involvement with the CUNA CFO Council, I was appointed as an advisor to the FASB and am serving in my third year. Influencing the changing landscape in America’s financial reporting structure has indeed been an arduous task, but one that gives credit unions a voice, and the CFO Council in particular. Working with the FASB has been a wonderful experience. The due process and cerebral exchange among prominent multi-industry and academic representatives has been most exhilarating. The experience has convinced me that their process works best for the U.S. accounting standards. I hope I have opened the door for future credit union representatives.

Moving On

After our conference in May, I will be stepping down as the Chairman of the CFO Council, having served four years as Chairman, and six years on the Executive Committee. My family will be glad to have me back a bit more. I thank you for your support throughout these years. I hope I have inspired each of you to make this council even better than it was yesterday.

Last August, I was again honored by a vote of each of the CUNA Councils to continue my work as Chairman of the Council Forum. The forum represents all six councils and the top leaders of our 3,000 collective member organization. In this new capacity I hope to focus on continuing to provide strategic leadership to the entire CUNA Council movement. In Dan Mica's closing comments at the GAC, he repeated what he had said at CUNA Councils breakfast earlier that morning: "Walk with a purpose." It is a message that embodies our cause.

Working with so many talented people on the Executive Committee of the CFO Council has been the hallmark of my experience. Two other members will also complete their terms at the conclusion of the conference. I would like to thank our Vice Chair of three years, Christina Brown, who has truly put herself into this movement. Christina chaired our Conference Committee in the past and has served in so many different committee capacities that we will feel her loss tremendously. Many of the great benefits that you enjoy today have been the result of Christina's tireless efforts. If there's an example of making a difference, Christina is it!

Frank Vassallo took the reins of our Regulatory Comment Committee in 2002 and has piloted the response on many important credit union regulatory changes affecting all of us. Frank has also chaired this year's Nominating Committee, which is in charge of the current election process. During his tenure, Frank has always thought about you, our members. Over the years, every view Frank has represented has been deeply rooted to the CFO Council movement. His efforts will also be greatly missed.

The CUNA CFO Council is a dynamic organization. It continues to grow and new leaders help make that happen. Taking us into the future will be very qualified and experienced professionals. Brian McVeigh, our current Vice Chair, and Mike Lord, our Secretary/Treasurer, will provide Executive Committee continuity. Also contributing to our effort have been our newer members: Jay Scungio, Sandra Chavez, and Marvin Garland have all played critical roles in promoting our council. These executives have the vision and experience to propel this movement into the future. Joining them this year will be new members elected by you, the Council. They will join a great cast of people devoted to making your association a worthwhile experience.

I have also been a strong supporter of the leadership role of each chair of our subcommittees. We have all benefited from their leadership on promoting specific CFO Council objectives and they have done exceptionally well. With them our subcommittee members play such a valuable role and their efforts gain them experience in being future leaders of the council.

In closing, I'd like to again thank you for the opportunity to serve you and this great council. Former chairman Vince Market and I recently had a chance to catch up with each other at my house in California. We reflected on the progress made by the CUNA CFO Council throughout its 11 years. I recalled the advice that Vince gave me many years ago when I became the chairman: "Just leave it a better place than it was when you found it!"

I hope that I have succeeded in meeting your expectations. The CUNA CFO Council now has a member recognition program to continue a focus on its members, and a new scholarship program to reach out to even more people. Our Listserv is extremely vibrant and our network is more connected than ever. I trust that you are as proud to belong to this organization as I am.

To all of the current, previous, and future great leaders of this council, I want to thank you for giving me this opportunity to expand our vision for the CUNA CFO Council. It has truly been an honor to have worked with and for you all.