EasCorp's 2023 ALM ACADEMY

Presented in Partnership with ALM First
OCTOBER 24-25, 2023 • MHA CONFERENCE CENTER, BURLINGTON, MA

EasCorp’s ALM Academy, presented in partnership with ALM First, offers superior instruction for professionals interested in optimizing their balance sheet and performance while managing risk.

Two course tracks – Introductory and Advanced – qualify for continuing professional education credits (CPEs) by the National Association of State Boards of Accountancy.

What's new this year?

The threat of recession has loomed over the U.S. economy despite signs of market resilience and outcomes that defied economic forecasts in the first half of the year. Still, a tightening Fed monetary policy, high inflation, rising interest rates, pressure on deposit values and liquidity, strong consumer spending, and pundits’ cries of a forthcoming credit crunch may leave you wondering—just as it leaves economists and investors wondering—if, when, and how to respond. It is more important than ever that a credit union’s team understands the opportunities and liabilities on its balance sheet and of its investment strategies. This year’s ALM Academy will include a special focus on liquidity, stress testing, and the deposit franchise.

You will learn to:

  • Manage interest rate risk in an ever-changing economic climate
  • Identify sound strategies that capitalize on emerging economic trends
  • Improve your credit union's balance sheet and overall performance
  • Analyze risk exposure and economic value sensitivities and examine alternative forward-looking scenarios
  • Help your credit union meet and exceed its financial goals and to pass regulatory scrutiny
  • Address market and financial risk that may arise due to a mismatch between assets and liabilities

You will receive:

  • Comprehensive tools and best practices for financial analysis and balance sheet management
  • An expert-led session on the outlook and health of the U.S. economy
  • Updates on current regulatory topics, including NCUA’s supervisory priorities
  • Case study reviews

Click on the tabs above to learn more.

Select from one of the two unique tracks described below. Both include two days of expert-led courses, economic and regulatory updates, and real-world case studies. These courses are designed to prepare you for our fast-changing economy and to help you develop the decision-making competence the market demands.

Introduction to Asset Liability Management Track

An introductory course providing orientation to and review of the core concepts of ALM strategy and best practices. Participants will leave with a better understanding of the dynamics of their balance sheet, interest rate risk management, key measurements of financial exposure, and more.

Topics include:

  • Introduction to interest rate risk
  • Tools for measuring and monitoring risk
  • Liquidity management
  • Developing sound risk management policies and practices

Audience:
Designed for CEOs, CFOs, ALM committee members, financial management staff, those who manage the balance sheet, and anyone who might benefit from a deeper understanding of the potential risks a credit union must face.

Read the full Agenda for the Introductory track.

Advanced Asset Liability Management Track

Professionals with pre-existing practical knowledge of key ALM concepts will delve into the more complex and strategic aspects of the field. Participants will leave with a better understanding of model assumptions, liquidity risk management, investment analysis, derivative strategies, and more.

Topics include:

  • Model assumptions
  • Liquidity risk management
  • Investment analysis
  • Derivative strategy
  • Sensitivity testing

Audience:
Financial analysts and those directly responsible for managing and monitoring the credit union's rate risk exposure, including all staff responsible for ALM, as well as the CFO.

Read the full Agenda for the Advanced track.

Your course instructors have extensive experience in ALM and investment strategies and prior teaching experience. This program is offered jointly with ALM First, EasCorp's trusted partner and a provider of financial advisory services for more than 320 depository clients across the U.S. representing more than $73.9 billion in assets. Their expertise in asset liability management draws from rigorous balance-sheet analysis, advanced analytical systems, and financial consulting.

This year’s faculty includes practicians from both ALM First and EasCorp, as well as financial advisors, regulators, and others with a deep understanding of successful financial management for credit unions.

Owen Cole, Retired, National Credit Union Administration
Owen Cole is a retired financial professional with over 35 years of combined banking and federal financial regulatory experience. Cole retired from the National Credit Union Administration (NCUA) after 28 years of service in 2021. He held numerous managerial positions with the agency, last as the NCUA Associate Director for Policy and Markets in the Office of Examination and Insurance (E & I). In that role, he supervised the directors of the E&I divisions of capital markets, credit markets, policy, and NGN support. He was President of the NCUA Central Liquidity Facility (CLF), created to improve general financial stability by helping meet the liquidity needs of credit unions, from 2003 to 2021, and was its Vice President from 1998 to 2001. He served on the transition team as the NCUA Chairman’s Acting Chief of Staff during the initial months of Chairman Rodney Hood’s return to the NCUA Board in April of 2019.

Cole was the Director of the NCUA Office of Capital Markets and Planning from September 2003 through July 2011. From November 2004 through August 2005, he served as National Credit Union Administration’s Deputy Executive Director. As Deputy Executive Director, Cole was responsible for assisting the Executive Director in carrying out all administrative responsibilities. He also served as the Associate Regional Director of Operations in NCUA’s Capital Region from June 2002 to June 2003. Prior to Region II, he served as the Director of the E&I Division of Risk Management from 1998-2002, and as a Senior Investment Officer in the Office of Investment Services from 1993-1998.

Cole came to NCUA in 1993 from the banking industry, where, as a Treasury Division Vice President, he spent 10 years as a funding-desk trader and portfolio manager for the Riggs National Bank of Washington, DC. His responsibilities included supervision of funds management, money-market lending, investment portfolio management, and asset-liability management for Riggs DC and its affiliate banks in Maryland and Virginia.

He holds a BA in History from McDaniel College and an MBA with a concentration in finance and investments from the George Washington University.
Darren Fago, CFA, Director, Advisory Services, ALM First
Darren Fago joined ALM First Financial Advisors in 2019. In his role as Director, Fago is supported by an internal team as he builds holistic partnerships with clients to develop successful balance sheet strategies that maximize performance. This includes interpretation of full balance sheet risk analytics and risk positioning to determine the best opportunities for each client to achieve their financial goals.

Fago provides advice and insights on loan pricing, loan transactions, investment portfolio management, funding strategies, hedging, and more. In addition, he coordinates internal collaboration to deliver analytics and timely reporting to assist clients throughout the entire process from strategy development through implementation and post-execution analysis.

Prior to joining ALM First, Fago served as Vice President, Investment Advisory Services at Balance Sheet Solutions, LLC where he was responsible for managing and directing the firm’s investment advisory service and led a team of portfolio managers and analysts who oversaw more than $1 billion of assets under management. Fago also previously worked as Financial Management Consultant for CUNA Mutual Group. He has more than 20 years of capital markets experience.

Fago holds an MBA in Finance from Edgewood College as well as a BS in Psychology from Illinois State University. He also holds a Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute of Chicago.
Thomas Fay, Director, Division of Capital Markets, National Credit Union Administration
Thomas Fay is the Director, Capital Markets, a division of the Office of Examination and Insurance (E & I) and has been with the E & I since 2013.

Fay’s work experience before NCUA included a role at Fannie Mae as Vice President in the Finance Division responsible for the accounting, financial reporting and analysis related to debt issuance, derivatives, mortgage securities, and Treasury businesses.

Before Fannie Mae, Fay was a Treasury Manager at the World Bank responsible for the Debt Issuance and Derivatives team.

Fay’s experience in financial services and global markets has contributed to many of his accomplishments. He has both led and participated as a member of a management team responsible for implementing large scale cross-organizational projects related to systems implementations, infrastructure reengineering, and outsourcing and off-shoring that resulted in significant reduction in manual processes and administrative costs.

Fay’s educational and training background includes a BA in Accounting at Iona College, NY, and in Executive Development from the Wharton School of Business.
Cynthia Nelson, CFA, President and CEO, EasCorp
Cynthia Nelson joined EasCorp in 1989 and became its President/CEO in 2022. She believes that EasCorp can help credit unions remain a vibrant, relevant, and trusted part of a modern banking ecosystem. Under her guidance, EasCorp has maintained high-quality assets that have performed well without compromising the company’s risk-averse standards.

Nelson is a credit union veteran, having served the industry for more than three decades. Prior to her current position, she was Executive Vice President responsible for EasCorp’s Investment, Risk Management, Human Resources, and Accounting Departments. Her expertise includes ALM modeling, risk analysis, and management of a fixed-income investment portfolio.

Nelson received a Master of Business Administration with a concentration in finance from Bentley University in Waltham, Massachusetts, and a Bachelor of Science in Business Administration from the University of New Hampshire at Durham. She serves as the Chairperson of EasCorp’s Asset Liability Management Committee and is a Chartered Financial Analyst (CFA) Charter holder.
Deborah G. Nurse, Strategic Planning Officer, Merrimack Valley Credit Union
Deborah G. Nurse is Merrimack Valley Credit Union’s Strategic Planning Officer. She was the Chief Strategy Officer of RTN Federal Credit Union (RTN FCU) since 2013, and earlier served as its Director of Strategic Initiatives. She served as a member of RTN FCU’s ALM and Investment Committee. From 2000 to 2010, she chaired RTN FCU’s Supervisory Committee, and was the Principal of Management Consulting for Credit Unions. From 1982 to 2000, Nurse was the President/CEO of the Central Credit Union Fund, the nation’s first corporate credit union, with responsibility for all investment, lending, and correspondent services for the 200 member credit unions. She also established the broker/dealer subsidiary, Credit Union Brokerage Services, where she was the NASD-licensed Government Securities Principal and the Financial and Operations Principal.

Nurse is a graduate of Nichols College, holds an MBA from Babson College, and has completed the Greater Boston Executive Program in Management at the MIT Sloan School of Management.
Kevin Peters, VP Investments & ALM Services, Eastern Corporate Federal Credit Union
Kevin Peters is the Vice President, Investments and ALM Services, at EasCorp. In this role, he is responsible for managing EasCorp’s fixed income investment portfolios and balance sheet. He also analyzes securities for purchase and creates new products, while ensuring adequate liquidity for EasCorp and its members. Peters leads EasCorp’s professional services team, developing ALM modeling and validation, portfolio analysis, and core deposit analysis services. He provides credit unions with security brokerage services as a registered investment representative with CU Investment Solutions, LLC, and sits on EasCorp’s Asset Liability Management Committee.

Peters rejoined EasCorp in 2001 as Portfolio Manager. He assumed the role of Assistant Vice President, Investments, in 2006, and his new role as Vice President in 2021. He previously served as an investment analyst from 1998 to 2000. Prior to joining EasCorp, Peters was an ALCO Specialist, assisting small banks in projections and strategies, and served as a portfolio accountant for a mutual fund custodian.

Peters holds a BS in Finance from the University of Massachusetts at Lowell and is a Chartered Financial Analyst (CFA). He also maintains his NASD Series 7 and 63 registrations with CU Investment Solutions, LLC.
John Smith, Director, Advisory Services, ALM First
John Smith joined ALM First Financial Advisors in July of 2020. In his role as Director, Smith is supported by an internal team as he builds holistic partnerships with clients to develop successful balance sheet strategies that maximize performance. This includes interpretation of full balance sheet risk analytics and risk positioning to determine the best opportunities for each client to achieve their financial goals.

Smith provides advice and insights on loan pricing, loan transactions, investment portfolio management, funding strategies, hedging, and more. In addition, he coordinates internal collaboration to deliver analytics and timely reporting to assist clients throughout the entire process from strategy development through implementation and post-execution analysis.

Prior to joining ALM First, Smith worked for 18 years at Detalus Advisors. During his tenure at Detalus, he served in a variety of roles including Managing Director during his ownership period. Most recently, after the divestiture of his ownership at Detalus, he served as its Senior Portfolio Manager. Prior to joining Detalus, and after a 2-year stint at a regional broker/dealer, John served as the Chief Investment Officer for Firstbank of Illinois in Springfield, IL.

Smith holds a BS in Accounting from Indiana University, Kelly School of Business. Smith is a member of the American Institute of Certified Public Accountants.
Robert Spinello, AVP Financial Risk & Compliance, Eastern Corporate Federal Credit Union
Robert Spinello is the Assistant Vice President, Financial Risk & Compliance at EasCorp. Spinello is responsible for monitoring the corporate’s interest rate risk by performing net economic value (NEV) analysis and net interest income (NII) simulations, performing analyses on investment and lending credit exposures, and monitoring the corporate’s regulatory compliance activities as a participant in EasCorp’s Credit Risk Management Committee. Spinello participates in EasCorp’s professional services team, developing and producing ALM modeling and validation, portfolio analysis, and core deposit analysis services. Spinello is a member of EasCorp’s Asset Liability Management Committee.

Spinello joined EasCorp in 1989 and worked in the corporate’s Item Processing Center until June 1997. At that time, Mr. Spinello moved into the Accounting Department as a staff accountant. In November 1998, he assumed the role of Credit and Compliance Analyst, and was promoted to Assistant Vice President, Financial Risk & Compliance in 2018.

Spinello received a BA from Bridgewater State College and an MBA from Northeastern University. Spinello continues his professional development at numerous credit and investment seminars conducted by BAI, Financial Managers Society, and Fabozzi Associates.
Alain Tourikian, Director, Advisory Services, ALM First
Alain Tourikian joined ALM First Financial Advisors in 2019. In his role as Director, Tourikian is supported by an internal team as he builds holistic partnerships with clients to develop successful balance sheet strategies that maximize performance. This includes interpretation of full balance sheet risk analytics and risk positioning to determine the best opportunities for each client to achieve their financial goals.

Tourikian provides advice and insights on loan pricing, loan transactions, investment portfolio management, funding strategies, hedging, and more. In addition, he coordinates internal collaboration to deliver analytics and timely reporting to assist clients throughout the entire process from strategy development through implementation and post-execution analysis.

Tourikian has an extensive Commercial Banking background in finance and Treasury with solid problem-solving skills that focus on maximizing stakeholder value, customer retention/growth, and product innovation. Tourikian also possesses an in-depth knowledge of portfolio management, fixed income markets, derivative products, wholesale and retail funding sources, and risk management processes. He served as Treasurer for First Financial Bank in Cincinnati, OH, for nearly a decade, and has worked at various community banks throughout his more than 35-year career in the Treasury area.

Tourikian received his BS in Accounting from Northern Kentucky University and an MBA in Finance from Xavier University.
Nick Trentmann, Director, Advisory Services, ALM First
Nick Trentmann joined ALM First Financial Advisors in 2020. In his role as Director, Trentmann is supported by an internal team as he builds holistic partnerships with clients to develop successful balance sheet strategies that maximize performance. This includes interpretation of full balance sheet risk analytics and risk positioning to determine the best opportunities for each client to achieve their financial goals.

Trentmann provides advice and insights on loan pricing, loan transactions, investment portfolio management, funding strategies, hedging, and more. In addition to his leading role working directly with clients, he coordinates internal collaboration to deliver analytics and timely reporting to assist clients throughout the entire process from strategy development through implementation and post-execution analysis.

Prior to joining ALM First, Trentmann served as Director and Portfolio Manager at Detalus Advisors LLC, where he was responsible for portfolio and securities management of the firm’s $1.7 billion in institutional assets for clients including banks, insurance companies, high net worth individuals, and municipalities. In addition, Trentmann provided advice to clients regarding economic environment, investment portfolio strategy, deposit pricing, lending rates, and proper balance sheet management.

Trentmann holds an MBA in Finance from Missouri State University.

The ALM Academy is held on Tuesday, October 24 and Wednesday, October 25, 2023, at the MHA Conference Center, a modern and comfortable educational facility, conveniently located at 500 District Avenue in Burlington, Massachusetts. The facility is accessible and ample parking is available.

Overnight accommodations are available at the Residence Inn by Marriott Boston Burlington, located next door at 400 District Avenue in Burlington, Massachusetts, and featuring large, well-appointed suites featuring full kitchens and room to work and rest. Reserve your stay through Marriott Reservations at 888.800.3486 or directly through the hotel at 781-272-3331.

Tuition

Tuition includes all instruction; course materials; breakfast and lunch service; and an optional reception for attendees and instructors held on the first night of the conference. Tuition is $695 per person.

Register Now

Register online by clicking on one of the tracks below.

Questions?

If you have questions about the ALM Academy, who should attend or which course is right for you, or if you require any special accommodations, please contact Kevin Peters at 800.428.1144, Ext. 3354, or kpeters@eascorp.org.

Cancellation Policy

You may cancel your registration through October 1, 2023, without penalty. Refunds will not be issued for cancellations received after October 1, 2023.


Eastern Corporate Federal Credit Union (EasCorp) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Ste 700, Nashville, TN 37219-2417. Their website is www.nasba.org.

Introduction to Asset Liability Management

  • CPE Credits: 6
  • Field of Study: Accounting-Technical
  • Prerequisites: None
  • Program Knowledge Level: Beginner
  • Instructional Delivery Method: Group live
  • Learning Objectives:
    • Define the elements of a balance sheet
    • Identify key risk factors on a balance sheet
    • Calculate key risk metrics
    • Apply ALM practices to better manage interest and liquidity risk on a balance sheet
  • Course Agenda
  • Other: See description under Tracks

Advanced Asset Liability Management

  • CPE Credits: 6
  • Field of Study: Accounting-Technical
  • Prerequisites: Basic understanding of interest rate risk, credit risk, and liability risk on a financial institution’s balance sheet and the ability to identify and measure these risks, or completion of Introduction to Asset Liability Management
  • Program Knowledge Level: Intermediate/Advanced
  • Instructional Delivery Method: Group live
  • Learning Objectives:
    • Understand model assumptions
    • Identify and apply derivative strategies
    • Adopt new investment analysis techniques
  • Course Agenda
  • Other: See description under Tracks

For more information regarding policies, complaints or refunds, please contact Kevin Peters at kpeters@eascorp.org, or by mail to: EasCorp, c/o Kevin Peters, 35 Corporate Drive, Suite 300, Burlington, MA 01801

Below please find the course materials for both of the 2023 ALM Academy tracks. Please note: These materials are intended for 2023 ALM Academy attendees only and are not for further distribution. Presentation PDFs are password protected. Please use the password provided in your event confirmation email and printed on your updated course agenda and badge. One password applies to all course materials under each course level.

NOTES:

  • To receive CPE credits, you must complete and submit a short assessment following each eligible session marked with an asterisk below. Group sessions (Regulators’ Perspectives, Economic Update, and Trends & Challenges) are excluded from the CPE credit calculation.
  • Booklets are available at the registration desk for those who requested paper copies of their materials.

Introduction to Asset Liability Management

Advanced Asset Liability Management