Credit unions are locally owned and operated in the communities they serve. Each member owns a share of the credit union and therefore has an equal voice when it comes to matters pertaining to the organization. The board of directors consists of unpaid volunteers. These volunteers are voted in by their fellow members and are also members of that specific credit union. Since credit unions do not answer to any other shareholders, board members work to develop the organization, programs, and policies in the best interest of the members. Volunteering as a director or committee member allows you to shape the future of our vision and make a difference in your community.
Board Member General Overview of Duties & Responsibilities
Board members have the responsibility to maintain the general direction and control of the credit union. This includes directing the Credit Union in accordance with the federal credit union act, the Bylaws, sound business practices, and other rules and regulations. You can group board responsibilities into four major areas:
To Make Decisions
The Board functions as the supreme decision center by establishing objectives, formulating policy, and approving goals and programs. They determine an overall course of action, but they do not involve themselves in the operating areas that result from those decisions.
The Board performs an advisory function for its members and the President/CEO. This would include providing strategic direction on ways the credit union can better serve the membership as a whole. Your advice as a board member is key to conveying what the member’s needs and wants are so sound business decisions can be laid for the future.
To Serve as Trustees
Directors must provide each credit union member’s investments through proper control of the assets. To ensure efficiency, the board must continually evaluate the financial affairs and the management practices of the credit union.
Provide for the continuity of the credit union
They do this in part by selecting a capable President/CEO, providing this person with adequate support. Also, directors must continually review the services and activities of the credit union to ensure continued vitality in its operations. The Board must also provide for its own continuity by recruiting well-qualified candidates to serve as directors. In addition, the board has a responsibility to set standards for its own performance and the committees who serve the membership.
Committee Member General Overview of Duties & Responsibilities
The Supervisory Committee acts independently of the Board of Directors. This committee acts for the members by performing a series of checkups to ensure that records are maintained properly, honestly, and accurately; the policies established by law and by the board are carried out faithfully; and that members receive the best possible service. These responsibilities include:
- Reviewing Policies & Procedures in place to safeguard Member Assets
- Reviewing Credit Union Operations
- Evaluating Performance & Compliance
- Cooperating with Regulatory Agencies
- Engagement of an Independent Auditor to review the financials of the credit union
A qualified individual for this committee would be familiar with accounting processes and internal auditing principles and be willing to commit the time and effort required to actively serve on the committee. To be effective, this committee must maintain an on-going relationship with the credit union throughout the year.
The Board Advisory Committee serves to advise the Board of Directors on recent trends and technology in those newer to the financial markets. These are young professionals in the St. Louis area, who are seeking to make a difference and help grow the credit union movement.
A qualified individual for this committee would be an independent, perhaps, recent high school or college graduate, familiar with the credit union concept and interested in sharing ideas and opinions in regards to products, services, and needs amongst a younger demographic. This individual may also be someone interested in learning more about the credit union movement and how to become involved with the Board of Directors or Supervisory Committee in the future.
Are you ready to volunteer?
If you are interested in becoming a Board or Committee Member, please contact us by email.
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