What to expect as a Board member for a credit union?

March 14, 2010 5:58 PM

I've just been appointed to the Board of Directors of a small credit union in Ontario. This is the first time I've ever taken such a position, so my question is does anyone know of any good sources (books or web) that will bring me up to speed on what to expect? I have some general notions from what I learned in business school. I know what the general responsiblities of board members are. What i'm looking for is more the nitty gritty.
posted by storybored to Work & Money (3 answers total)

1) Read the minutes of the Board meetings for the last year or two, then start asking questions of people who were involved in the agenda items that pique your interest.

2) Learn about the financial health and community goals of the credit union.

3) Talk to the board chairperson about what's been going on with the credit union lately.

4) Spend a few hours during business hours at the credit union to get a feel for how the day-to-day works.

5) Read the by-laws, constitution, and other governing documents.
posted by Pants! at 6:12 PM on March 14, 2010

Congratulations! I would email Directors from other credit unions and see what their experience is like. A couple of friends of mine sit on the VanCity Board and they're really personable, I'm sure any one of them would be willing to exchange emails or have a phone chat with you. It's not hard to find contact info for them by Googling.

Enjoy your ride!

(a happy life long credit union member, starting with Kawartha Hills Credit Union in 1987)
posted by salishsea at 10:06 PM on March 14, 2010

Pants, thanks for the list, it lines up with what I intend to do.

Salishsea, a delightful surprise to hear from a fellow Canadian credit union member! Vancity has a great reputation in the credit union movement. I will spend the time to learn more about them.
posted by storybored at 8:26 PM on March 15, 2010