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How big of a commitment would it be to join the board of directors for a CU?

Valued Member

How big of a commitment would it be to join the board of directors for a CU?

In my monthly statement from my credit union, they announced that they are looking to fill 3 vacancies on the board of directors.  It's a volunteer position, but I think it sounds interesting.  ANy notion about the time commitment involved with something like this?

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3 REPLIES
Valued Contributor

Re: How big of a commitment would it be to join the board of directors for a CU?

It really depends onthe org. Some meet weekly others once in a blue moon.  One thing to look for does the cu have directors liability insurance?  If no stay away. Long story but the executive director of our regional trade association stole $500,000 over the course of 4 years. I could make a very  strong case in court that they letting  the executive director do what whatever the director wanted with money and  the board would be held lible for the money stolen for failure to supervise. 

Message 2 of 4
New Member

Re: How big of a commitment would it be to join the board of directors for a CU?

I can answer this question only based on my own experience.  My CU is for employees of my work place and we have about 700 members and assets of about $3million.  We have 10 on the BOD and 2 full time employees.  We meet as a board monthly and a few times a year as committees and quarterly for stuffing envelopes with statements..  I am the secretary.  Our Manager makes or puchases food for us for the monthly meetings.  We do have several layers of oversight as there was a personnel issue about 20 years ago.

Message 3 of 4
Regular Contributor

Re: How big of a commitment would it be to join the board of directors for a CU?

It's an excellent opportunity to see how the CU industry works, give back to your CU, do something good for you and your fellow members, and have a nice resume builder (if it'll be helpful in your line of work).

 

I volunteered on the Supervisory Committee of my employee CU for a couple of years. It required a pretty decent commitment of time and energy, but was well worth it. I learned an incredible amount about the banking industry, and made some great friends/contacts (although I'm not the type to ever ask for a favor or special treatment).

 

All of the volunteer positions at a CU are vital for its success, and good, honest, dedicated people need to fill them. If you are able to commit, I'd say go for it. 

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