Boards Still Lose Sleep on Whir of Tech, Compliance Changes
Some veteran board members quip they can remember the days when their biggest challenge was choosing the color for the carpet at the newest branch.
Welcome to 2013. Today, directors find themselves tackling issues such as mergers, complying with regulations, succession planning, attracting young members, field of membership changes, and balancing budget realities against the need to introduce new technology.
One thing boards struggle with is complying with a constant flood of new regulations, Carlson noticed. He said CFCU, which recently changed from a federal to a state charter, has established a fulltime position to track regulatory issues. If there’s a problem, there’s a potential for someone to say, “Well, the board told me to do it this way," Carlson said. There's also a constant struggle to make a credit union relevant to younger members who want mobile banking, apps and other innovations.
Meanwhile, board members are encouraged to take part in available education opportunities. One of CFCU's vice presidents prepared an online tutorial on fiduciary and regulatory issues that is probably more helpful than other canned packages because on numbers and issues specific to the credit union, Carlson offered.