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CAMP ARIFJAN, Kuwait - Not well known to many, banking operations is a core competency with U.S. Army financial management operations. Banks are vital enablers throughout most military campaigns—from deployment, through offensive operations and ending in the stability phase of the military plan. Banks facilitate access to cash and electronic payment means; they may also serve to deposit funds destined for the U.S. Treasury. At the Theater Sustainment Command level, the Financial Management Center is the unit primarily responsible for banking activities in support of military operations. To support the 1st Sustainment Command (Theater), the 266th FMC coordinates and advises on banking matters. The 266th FMC is involved in several projects and initiatives designed to provide vital banking services to U.S. and coalition forces while strengthening host nation banking and economic structures. The 266th does this with a small team of “Army bankers”—a combination of two reserve officers, one active component NCO and one civilian from the Defense Finance and Accounting Service.
Banking has not always been a core competency of the Army’s Finance Corps. Colonel Luis B. Crespo, the director of the 266th FMC located at Camp Arifjan, Kuwait, says that banking is a relatively new and important role for today’s finance soldier. “Banking is not something I’ve had much involvement with in the past,” reports Crespo. “However, it is critically important that we build the banking experience base within Army finance.” To fill the experience gap, the 266th FMC recruited two reserve component soldiers with industry experience. Maj. Mark Robertson, leader of the banking team, teaches finance at college level and owns a financial planning practice. Capt. Latashya Cornwell works for a major multinational banking corporation in Texas. The remainder of the banking team includes Staff Sgt. Alejandro Bustamante and Mr. Ken Kielman, a U.S. government employee with DFAS.
The banking team is involved in some very interesting projects. Recently, Afghanistan experienced a temporary shortage of currency which threatened the military’s ability to pay their vendors in a timely manner. “For a few weeks we were scrambling to find enough Afghani currency” said Cornwell. In the end, the positive relationships the banking team has developed with local banks and other government agencies allowed the team to find additional sources of currency. A ten year veteran of the finance corps, Bustamante says he’s doing things now he never thought he’d be involved with. “I’m having discussions with embassy staff members about frozen banks accounts and meeting with international bank presidents – it’s all very exciting!”
Cornwell is leading the team’s latest effort by assisting the 10th Mountain Division in establishing a local bank in a remote district of Afghanistan. “We want to establish an Afghanistan bank that is willing to open deposit accounts for Afghanistan citizens and make loans to individuals, farmers and small businesses,” Cornwell said. The bank is part of the effort to strengthen the local economy by introducing modern services and making the local population comfortable with banking. Lasting success in the war will be measured in part by how well the Afghanistan people are able to take care of themselves and their families. Banking services can be part of that equation.
Finance soldiers are doing their part by adding new banking skills to their quiver. These new skills contribute to the stability operations phase of full-spectrum operations and increase the value of today’s Army finance soldier.
| Date Taken: | 07.27.2011 |
| Date Posted: | 07.27.2011 08:29 |
| Story ID: | 74369 |
| Location: | ARIFJAN, KW |
| Web Views: | 349 |
| Downloads: | 5 |
This work, Finance soldiers contribute to stability operations, by Maj. Mike Giaquinto, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.
