SEATTLE — Board members need to keep a close eye on the credit unions' overall direction, but not so much that they interfere with the top executives' ability to do their jobs, former NCUA Chairman Dennis Dollar said today.
"Trust but verify," Dollar said, quoting former President Reagan's approach to the former Soviet Union. Dollar made his remarks during a presentation at NASCUS' Board of Directors College.
He also urged board members to be sure to differentiate between isolated incidents and long-term trends when making decisions about the future of their organization.
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Dollar, who now runs a consulting firm that helps credit union with strategic planning and operational issues, said board members' jobs are harder than ever because federal and state governments are imposing more regulatory oversight.
That trend is likely to continue, he predicted. This will force credit union directors to spend more time reviewing and updating policies that affect operations being closely monitored by regulators, Dollar added.
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