CU Board Fiduciary Responsibility the Same, But Education, Recruitment Key to Meeting Needs

WEST PALM BEACH, Fla. — Given the controversy over everything from name changes to conversions, credit union boards and the idea of fiduciary responsibility is being dragged into the media spotlight.

“The way I look at it is our fiduciary responsibility hasn’t really evolved all that much,” said South Carolina Telco Federal Credit Union Board Chairman Lou Addison. “Our responsibility is to manage the assets of the credit union using those sound tried and true fiscal principles–perpetuate growth and return benefit to the member. If our organization is not growing then it’s dying–so perpetuating growth has to be a very high if not the highest priority.” According to Mountain America Credit Union Board Director Scott Burt, while the responsibility remains relatively unchanged the skill sets required of a board member today are more advanced.