Board of Director Member

Position Overview




Elected by the Membership for a staggered three-year term. No term limits.


$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.

Position Description

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