Ask senior executives and board members what their greatest challenges are and the responses continue to range from recruitment to board education, and that doesn't seem to be changing anytime soon.
Looking ahead, some say recruitment efforts may be even tougher given an NCUA rule establishing financial literacy standards for new credit union board directors. Within three months of their election of appointment, new credit union board directors will be required to have a working knowledge of basic finance, accounting, balance sheets and income statements. Correspondingly, they will be held accountable for asking the right questions of management.
Filene Research Institute's Ben Rogers said a survey found that many boards seem to be adopting a wait-and-see attitude rather than emphasizing more rigorous recruiting practices like evergreen lists.
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