Every credit union has a board consisting of an odd number of directors, usually no fewer than five. Terms of offices are staggered, each for three (3) years, so that an approximately equal number of directors are elected each year.
In general terms, the Board of Directors has the duty and responsibility to set direction and control the credit union according the wishes of the membership and in accordance with all pertinent laws and regulations. This means that directors are responsible for ensuring that the credit union is being operated in a sound and prudent manner and that it is fulfilling its purpose of encouraging thrift amount the members and meeting their needs for low-cost credit.
To accomplish this, the Board sets policies, appoints committees, and hires a chief executive officer (CEO) to carry out those policies. It also decides what programs the credit union will offer and what type of facilities it will use.
The board meets at least monthly, on the 3rd Wednesday of each month, to review the credit union’s operation and plan for the future. It reviews the CEO’s progress in achieving goals and objectives and it reports to the membership at the credit union’s annual meeting.