Board of Director Member

Position Responsibility:

• Establish and implement written policies that:
  • Are clear
  • Are consistent with Credit Union objectives
  • Are in compliance with all Federal and State statutes, rules, regulations, and bylaws of the Credit Union
  • Benefit the membership
  • Are sound and ethical business practices

Position Liability:

• The Board of Directors is ultimately responsible to the membership and the regulatory agencies that oversee the operation of the Credit Union.
• The Credit Union carries Directors and Officers liability insurance in order to protect volunteers.
• Directors and Officers liability coverage is not a substitute for competent and prudent management.

Position Description:

• The Board of Directors has the responsibility for the general direction and control of the affairs of the Credit Union.
  • General Direction: relates to policy decisions involving setting policy within the guidelines and regulations pertaining to credit unions, the Credit Union bylaws, and charter.
  • Control: involves ensuring that established policies and directions are carried out.

Fiduciary Duties:

• Duty of Care: Directors must act in good faith and exercise their duties in a reasonable and prudent manner.
• Duty of Loyalty: Directors must put the interests of the Credit Union above their own… avoid conflicts of interest.
• Accomplished with other Board members and Management to provide effective and efficient directions of the Credit Union to benefit members.

Primary Board Responsibilities:

• The ultimate responsibility for the Credit Union rests with the Board of Directors.
• Serves the Credit Union membership.
  • Maintain confidentiality of all members.
• Provides direction and control of the Credit Union.
• Reviews and approves the written policies of the Credit Union in the areas of:
  • Share savings: rates, and terms
  • Loans: maximum loan amounts, interest rates, terms, and acceptable collateral
  • Collections
  • Investments and Borrowing
  • Disaster Recovery Planning
• Hire and retain a competent President/CEO
• Approve and review operations and budget to ensure the safety and soundness of the Credit Union
• Attend all scheduled Board and Committee meetings

Secondary Board Responsibilities:

• Elect Officers of the Board
• Provide necessary office facilities
• Act on all membership applications
• Designate depositories for funds
• Determine surety bond needs annually
• Authorize necessary insurance

If you are interested in a position on our Board of Directors, please contact Charlie Yenni at 651-228-7672 or cyenni@mynspcu.org.