Board of Directors

Every credit union has a board consisting of an odd number of directors, usually no fewer than five.  Terms of office are staggered so that an approximately equal number of directors is elected each year.

The directors are usually elected by the membership at the annual meeting or by mail ballot.  Following the meeting, these directors convene to elect from among themselves the board’s officers:  the chair (or president), vice-chair (or vice-president), secretary, and treasurer.  Or the directors can elect an executive committee—usually three persons—to act on their behalf as needed within the limits of applicable laws and regulations.

In general terms, your board has the duty and responsibility to set direction and control the credit union according to the wishes of the membership and in accordance with all pertinent laws and regulations.  This means that directors are responsible for ensuring that the credit union is being operated in a sound and prudent manner and that it is fulfilling its purpose of encouraging thrift among the members and meeting their needs for low-cost credit.

To accomplish this, your board sets policies, appoints committees, and hires a chief executive officer (CEO) to carry out those policies.  It also decides what programs the credit union will offer and what type of facilities it will use.