Lack of Diversity May Hinder Growth: Print Preview
A visitor sitting in on a typical credit union board meeting is likely to see 61-year-old white males who have served for more than a decade and are planning to continue their service for many years to come.
It may be the standard makeup of most boards, but it’s not the dream scenario if credit unions want to remain competitive, according to a new white paper from the CUNA Community Credit Union Committee.
However, there appears to be a shift in priorities. About 40% of the respondents in the Filene survey said a lack of legal, compliance and risk management expertise on their boards left their credit unions highly dependent upon their CEO to interpret credit union performance and highly vulnerable to being misled.
The research also showed that there was strong disagreement between CEO and board members on this subject. Eighty-eight percent of CEO respondents said their boards lacked sufficient financial services expertise, while only 22% of board members did. When board members were queried in follow‐up interviews, this number jumped to 50%, according to the Filene survey.