Our Board members are volunteers (well, except for that sandwich or pizza that you “pay them” every month). These folks govern your credit union because they believe in the credit union ideal and want to leave the world a better place. Credit union board members have responsibility for articulating the credit union’s mission, setting policies and strategic direction, ensuring that the credit union is operating legally. And, finally, the board approves the operating budget and hires the credit union Manager/CEO. Additionally, we have supervisory committees, another group of volunteers who serve as the “watchdog” of the credit union. They make sure that financial records are accurate and that safeguards are in place to protect the credit union from loss.
For-profit financial institutions have paid board members, in some areas they receive up to six figures for their service! Volunteers are our most visible credit union difference!