Director’s Handbook: New Rules, New Times
Call the NCUA suit against WesCorp’s outside directors the warning shot that, whether the NCUA wins or loses that case, makes clear one fact. Serving on a credit union board involves risks, responsibilities, accountability and losses when the job is not done well.
New, more stringent rules apply to directors, and a bottom line reality is that the rules do apply. Said Stuart Perlitsh, CEO of Glendale Area Schools Federal Credit Union: "Just because you weren’t paid doesn’t entitle you to make stupid decisions."