In talking with other volunteers in the credit union industry, I find it interesting that we almost always face the same major issues.

One recurring discussion is being able to recruit new volunteers, especially for the board of directors. This is more prominent now than in the past due in large part to the increase of regulatory and compliance issues. This is also especially true given the complexity of new measures that credit unions now have to take on to protect their bottom lines. 

In addition, we continually ask for more from our directors through time commitment, education, and exposure to increased personal financial risk due to exposure to litigation. We also expect a greater level of expertise spread across an array of financial areas. Here are a few factors that show why maintaining a diverse board is essential in light of increasing regulatory burdens and more complex financial issues.