Community Development Investment Program (CDIP)
About the Federation
The National Federation of Community Development Credit Unions (Federation) is seeking a Program Officer for our Community Development Investment Program (CDIP), based in New York City.
The Federation is a founder and leader of the Community Development Financial Institutions (CDFI) movement nationally and in New York State. As a 501(c) (3) organization, founded in 1974, we receive investments and support from leading foundations, banks, social investors, and the CDFI Fund. Our membership of 250 credit unions, known as community development credit unions, or “CDCUs,” serve low-income members and communities across the United States.
Launched in 1982, the Federation’s CDIP is one of the oldest community development finance intermediaries in the country. For over 30 years, we have invested more than $100 million in low-income credit unions.
CDIP currently manages almost $60 million in assets, which are invested in more than 100 CDCUs across the country in the form of deposits, loans, and grants.
About the Position
The CDIP Program Officer is our key portfolio manager. The Program Officer’s duties include: marketing CDIP; underwriting applications from CDCUs; managing investment documentation and relations with credit unions; monitoring investments; reporting to funders; and credit union and industry research and analysis.
This is an excellent opportunity for an individual with strong financial, analytical, computer and communication skills, coupled with a commitment to the empowerment of low-income and minority communities. Prior experience working in the credit union industry is desired. A bachelor’s degree and a minimum of three years of finance-related experience are required; an MBA and/or additional professional training are highly desirable. Experience in research and investments are a plus. He/she will report directly to the Director of the CDIP.
- Review and underwrite funding requests from credit unions
- Research and analyze industry and membership data and financial trends
- Prepare quarterly, semi-annual and annual investor financial reports
- Monitor compliance with investor covenants
- Analyze credit union call reports and other financial data
- Conduct due diligence calls with credit unions
- Assess risk and determine portfolio loan loss reserves and watch list of at-risk investments
- Draft funding approval / denial letters, prepare investment agreements and process distributions of investment funds
- Coordinate and schedule logistics for CDIP Committee meetings; prepare and distribute minutes
- Coordinate with fiscal department to:
- Review and reconcile internal financial statements
- Prepare annual audit appendices and respond to audit requests
- Determine investor payable and investee receivable payments, collections and reconciliations
- Bachelor’s Degree, preferably in finance; an MBA and / or additional professional training is desirable
- Minimum of three years of finance-related experience, five years is preferred
- Proficiency in Excel, Word, PowerPoint, Access and Outlook is required.
- Database experience is desirable.
- Knowledge of and experience working in credit unions, banks or investments
- Strong financial and analytical skills, including financial modeling and forecasting
- Excellent oral and written communication skills
- Strong member / customer-service orientation for working with investors and credit unions
The Federation offers excellent benefits and an informal, flexible work environment in the Wall Street area.
How to Apply
To express your interest in this position, please e-mail a cover letter and résumé to: firstname.lastname@example.org.
For more information about the Federation, please visit our website: www.cdcu.coop
The Federation is an Equal Opportunity Employer.