Board of Director Member
TERM:Elected by the Membership for a staggered three-year term. No term limits.
COMPENSATION:$20.00/hour per hours worked in official capacity.
- Must be a member of the Credit Union in good standing.
- Must be able to read and interpret basic financial statements.
- 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
- 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.
- 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.
- 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
- 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 firstname.lastname@example.org.