At any credit union, the role of the chief financial officer is a tough one. He or she must create a roadmap to financial success by setting the right pricing strategy, effectively managing credit risk and streamlining operational costs. But in California, where high unemployment, an unsteady housing market and loan losses became a standard over the past few years, developing a strategy for the long-term growth of a credit union has been especially hard.

The California credit union chief financial officer's job continues to be a difficult one in 2012, said Diana Dykstra, president/CEO for the California and Nevada Credit Union Leagues. At the end of 2011, credit unions in California saw increases in net income, membership and net worth ratios but suffered from loan portfolio challenges. Dykstra said, those trends are continuing, with evidence of growth in assets and shares coupled with contracting loan portfolios.

Financial officers in the state have faced the challenge of working in a low interest rate environment alongside a housing market that's "squishy," Dykstra said. Their key difficulties have included determining which loans they should hang onto and what to do with excess liquidity in an industry where investment opportunities are limited. Additionally, California credit unions haven't enjoyed the luxury of credit card and auto loan upticks, which credit unions in a number of other states have seen.