CU Volunteers and Officials

Credit unions rely on the expertise and leadership skills of their boards and committees. Many of these officials volunteer their time to serve the credit union. This collection of resources was curated with credit union volunteers and officials in mind.

Duties & Responsibilities

The board of directors is responsible for the general direction and control of a federal credit union. A director must carry out his or her duties in good faith, fairly and impartially, in compliance with applicable laws and regulations; and have a basic understanding of finance and accounting practices, including an ability to understand the credit union’s balance sheet and income statement. The supervisory committee is meant to be the “watchdogs” of the credit union, and at least once every year, oversee an audit of the credit union and provide an audit report to the board. The committee must also ensure that the board is safeguarding the credit union’s assets and that management complies with policies, plans and laws and regulations.

Education & Training Material

The League and CUNA provide numerous educational opportunities for the professional development of officials and volunteers.

Board of Directors Basic Financial Literacy Training

Bank Secrecy Act Compliance from InfoSight, the League's compliance website
- Bank Secrecy Act, Anti-Money Laundering & OFAC Training Material

League Events and Education
- Consulting staff also provides a variety of onsite education tailored to a credit union's needs. Contact the Consulting Department for more information.

CUNA Training Programs & Events

Policies

Policies contain the rules, guidelines, and strategic goals that a credit union follows to govern its actions. They also provide direction to employees. Regulators do expect the credit union’s board to have policies covering all aspects of their operations (e.g., lending and deposit operations, employment issues, asset liability management, security, compliance).

CU PolicyPro - The League's sample compliance manual

Consulting Services & Strategic Planning

The Consulting Department can assist credit unions in a variety of ways (e.g., succession planning, business continuity, crisis response/situations, and examination assistance). One of the more popular services is strategic planning session. Several different types of strategic planning programs are offered, depending on how much involvement you want to the League to have. The most popular program has a book for each participant filled with general and credit union-specific information. The League can lead the group during the planning session and report back to management afterward to finalize the strategic plans and action items.

Awards

The League and CUNA award programs give us a way to recognize credit unions whose actions support and promote that philosophy and to honor the individuals who have provided outstanding service, guidance, and commitment to the credit union movement officials. Information on all League Awards Programs is here.