Imagine having a job that involves setting the course of a financial institution, supervising a manager, and understanding and approving financial reports, policies and other business. Add in the responsibilities of developing an understanding of regulatory compliance as well as vendor contracts and it’s almost overwhelming. While meetings for this job are generally only monthly, there is plenty of homework in between. What does the job pay? Why nothing of course!
It’s a challenging job, but someone has to do it.
Keeping up on what’s happening in the credit union movement can help a director succeed. Because credit union directors are volunteers, most of them don’t come from the Credit Union Movement. A director might not be aware of the credit union news available to him or her. I would recommend subscribing to Credit Union Times to any director or at least reading the web page and the other sources of news in the Credit Union Movement.
Otherwise, a director might not even hear about things such as the Wings Financial FCU attempted takeover of Continental Federal Credit Union. Credit union nerds like you and me might wonder how that could be and I’m sure that some directors have heard about it. However, directors often have day jobs. It’s hard to keep up.
It’s important then for managers to include credit union news in the information distributed in the board packet. These are, for better or worse, exciting times to be a credit union director. What with the challenges of conversions, purchases, mergers and now hostile takeovers, it’s a unique time in credit union history. Directors, as much as anyone involved in the movement, need to keep abreast of what’s going on in this dynamic era.