Summary of Activities
Together with other board members, sets general direction and policy for the credit union. Ensures that the credit union is well-managed, financially secure and in compliance with legal requirements. Monitors progress toward goals.
The usual duties of a board member are described below. Additional duties may be required from time to time.
Jointly with other board members:
- Work with the CEO to develop vision and short and long-range planning objectives that meet the needs of members, reflect credit union philosophy and assure sound operation.
- Approve plans and budgets.
- Monitor implementation of plans and budgets.
- Hire, supervise and evaluate the Chief Executive Officer.
- Monitor financial condition and ensure continued sound operation of the credit union.
- Authorize and ensure adequate reserves.
- Set policy guidelines for rates and fees.
- Develop/approve policies for all products, services and areas of operation.
- Ensure compliance with bylaws and applicable state or federal laws and regulations.
- Ensure effective risk recognition and control in all areas, including insurance, bonding and contingency plans for emergencies.
- Ensure the implementation of internal controls and a security program to protect member funds and credit union assets.
- Authorize borrowing and investing.
- Ensure adequate ongoing education for volunteers and staff.
As an Individual:
- Attend monthly board and committee meetings, annual membership meeting, planning meetings and any special membership meetings.
- Read/evaluate monthly financial reports and other board materials before meetings.
- Provide input and participate in decisions of the board.
- Represent the credit union to the community.
- Promote the credit union and its services as appropriate in day-to-day interactions.
Knowledge/Abilities Required for Success
Understanding of and commitment to credit union philosophy. The willingness and ability to learn: (1) to read and interpret financial statements; (2) an understanding of the laws governing credit unions; (3) funds management and asset/liability management concepts; (4) lending and collections concepts; (5) marketing concepts; and (6) risk measurement and management. Ability to work as part of a team. Strong oral communication skills. Business skills helpful.
Must be a member in good standing of credit union. Must be bondable.
Three year term; Four-to-six hours a month to prepare for and attend scheduled board meeting; average of one-to-two hours a month for ongoing education; plus additional time as needed for planning meetings, committee assignments, special tasks, special membership meetings and chapter or league involvement.
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