CFA members
provide billions in loans annually to the business sector.
They lend money against tangible asset collateral such
as accounts receivable, inventory, machinery and equipment.
Management groups and entrepreneurs who require financing
for acquisitions and leveraged buyouts are big users of
the industry's funds. Many member companies provide a
broad range of credit management services.
Objectives
•
To provide, through discussion and
publication, a forum for the consideration of inter-
and intra- industry ideas and opportunities.
•
To make available current information on legislation
and court decisions relating to asset-based financial
services.
•
To improve legal and operational procedures employed
by the industry.
•
To promote, through education, the sound development
of the asset-based financial services industry.
•
To furnish to the general public information on
the function and significance of the industry in
the credit structure of the country.
•
To encourage the Association's members, and their
personnel, in the performance of their social and
community responsibilities.
Organizations
CFA is
managed by a 23-member Executive Committee, a 10-member
Management Committee made up of the Association's officers,
and a Board of Directors composed of one representative
from each member organization.
The Executive Committee and the Board of Directors each
meet twice a year. The Management Committee convenes
several times a year. Matters of common interest to
the asset-based financial services industry are discussed
at each of these meetings.
Operations
Daily operations of CFA
are administered by the executive director, who implements
the policies of the Management and Executive Committees.
The executive director and the CFA staff
are readily available to the membership for consultation.
Discussions
of Mutual Problems
Membership in the CFA
provides executives of member organizations an opportunity
to meet and discuss operational procedures, possible participations,
business referrals, mutual problems and industry developments.
Surveys
•
CFA's annual comparative
financial survey is used by members to better evaluate
their own operations in comparison with other financial
organizations.
•
CFA's annual marketing survey
is designed to impart information to members on
market share trends. The survey analyzes markets
by sites of clients and the type of financial services
utilized.
•
CFA's bi-annual compensation
survey, conducted by a leading independent consulting
organization, provides members with valuable input
on salaries and personnel policies within the industry.
•
CFA compiles annual dollar volume
figures of factored receivables.
Committees
and Focus Groups
The execution of CFA
policies and programs is heavily dependent on a corps
of committee members who volunteer many hours of their
time and effort toward shaping, implementing and evaluating
CFA activities. The commitment, dedication
and participation of the committees enhance the Association's
ability to solve problems and unify positions on issues
affecting the industry. The committees of CFA
are:
•
Audit
•
Convention Program
•
Cooperation with Accountants
•
Educational Planning and Coordination
•
Factoring-Traditional
•
Finance
•
Floor Plan Financing
•
House Counsel
•
Human Resources
•
International Trade Services
•
Legislation and Regulation
•
Membership
•
Nominating
•
Management Information
•
Planning
•
Public Relations
•
Entrepreneurial Finance and Factoring
Annual Conventions
Each year's convention
is a showcase for the industry. Asset-based lending executives
from all sections of the country, along with accountants,
attorneys, crisis managers, appraisers and business executives,
attend the convention. The three-day convention features
seminars on industry trends and developments, human resources
and a host of other pertinent business topics. Panelists
include both industry members and outside experts. Prominent
speakers from the fields of business, banking, finance,
economics and government also address the gathering. The
convention is usually held in late October or early November.
Business
Awards
CFA presents
an award at the annual convention to a business concern
in recognition of its achievement of outstanding growth
through the use of asset-based financial services. The
program demonstrates how effectively the industry serves
its clients.
Education
Successful staff development
in asset-based lending requires an overview of basic,
traditional practices combined with an awareness of the
latest advances in techniques and technologies. CFA
educational programs offer member firms' personnel a broad
curriculum of industry core competency topics which include:
account management; asset-based lending fundamentals;
audit management; collateral control; field examination;
inventory finance; legal issues; liquidations; loan administration;
loan documentation; new business development and workouts.
Volunteer industry professionals donate their time and
expertise to serve as instructors in 2-5 day schools and
workshops. Class size is limited to assure participants
the opportunity to become involved in discussions. Students
are able to meet and mingle with new friends and colleagues
representing a diverse group of CFA member
firms. The programs are conducted at quality meeting facilities
in major cities throughout the country. CFA
negotiates reduced group rates for participants requiring
overnight accommodations.
Educational Awards
CFA annually
presents an award to the employee of a member organization
who writes the best paper on a subject pertaining to the
industry. The award carries an honorarium of $1,500 and
is presented at the annual convention.
Mid-Year Meeting
CFA holds
its annual mid-year meeting in a resort setting, usually
in March. It affords members an opportunity to meet with
other industry representatives in an informal, relaxed
atmosphere to discuss areas of mutual concern.
Chapters
CFA maintains
a network of chapters in Atlanta, Baltimore, California,
Northern California, Carolina, Houston, Midwest, New England,
New Jersey, New York, Ohio, Philadelphia, Pittsburgh,
Tennessee, Toronto and the Southwest. CFA has also
established a European Affiliate, headquartered in London.
Chapter meetings offer lenders the opportunity to meet
and network on a regular basis with their local or regional
counterparts and to discuss mutual interests. Chapters
conduct their own seminar programs throughout the year.
Chapter enrollment is available to employees of CFA
member organizations and their affiliates.
The Secured Lender
The Association publishes
a bi-monthly magazine containing feature articles, reports
and analyses of proposed legislation, statutes, court
decisions and other matters of topical interest to the
asset-based financial services industry, with a readership
of over 29,000. A media kit is available indicating advertising
rates.
Brochures and Books
CFA makes
available brochures for use by members in their public
relations and recruitment activities.
Compendium of Commercial Finance Law
A loose-leaf publication
is made available to asset-based lenders, factors and
other institutions engaged in secured transactions. The
four volumes cover Federal Tax Lien Filing; Selected Federal
Statutes and Regulations; Interest Statutes; Corporate
Guaranties; Secret and Environmental Liens. Compendium
material is kept current by periodic inserts of revised
laws and legal opinions provided by correspondent attorneys
in 50 states and the District of Columbia.
Public Relations
CFA public
relations activities include: arranging interviews for
CFA officers with both the print and
electronic media; distributing a series of news releases
on Association activities; developing story ideas for
the business and trade press; writing speeches for use
by CFA members; seeking out speaking
dates before potential client audiences or business referral
sources; preparing visual aids for use with speeches;
producing an audio/visual presentation for the achievement
award at the convention; publication of industry brochures
and the annual report.
Speakers
Bureau
The Association provides
speakers to CPA societies, banking groups
and other associations for the purpose of expanding their
knowledge of the asset-based financial services industry.
Legislative
and Regulatory Program
CFA
monitors and alerts members to federal and state legislative
and regulatory actions affecting the asset-based financial
services industry. Topics include interest rate limitations,
banking and finance issues, bankruptcy reform and the
Uniform Commercial Code.
CFA provides information to federal
and state legislators and regulators on matters affecting
the industry. The Association works with other like-minded
industry groups to encourage a legislative climate conducive
to the growth of the asset-based financial services
industry.
Experience
Interchange
Consists of a list of employees
of member organizations having liquidation and/or general
business experience in a particular industry that they
are willing to share with other members.
General
Counsel
Through the office of its
general counsel, CFA provides members
with information on important legal issues affecting the
industry on the federal, state and local levels. On those
occasions when pending litigation is of significant interest
to the entire industry, general counsel, with approval
of the Management Committee, will seek permission to file
an amicus curiae brief and participate in the case.
Reference
Service
CFA maintains
files dealing with the asset-based financial services
industry. These files provide valuable background material
for projects such as writing papers and preparing speeches.
Request
for Financial Services
CFA receives
requests throughout the year from companies seeking loans
or other financial services. Such firms are sent a membership
roster and addendum which lists the types, sizes and marketing
areas of loans. They are urged to contact any of the listed
CFA member organizations.
Job
Placement
CFA acts
as a job placement agency for its members in finding specialized
personnel who are knowledgeable in various aspects of
the industry. This service is offered at no cost to the
members.
Liaison
Groups
CFA fosters
and maintains liaison with other associations and works
with them to achieve mutual goals.
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