These are important characteristics to consider when interviewing board candidates, too. As members leave the board, credit unions must create a pipeline of volunteers. We see far too many credit unions with boards that do not reflect the current field of membership or have lost their commitment to cooperative principles. Here are a few questions you should ask board candidates as you interview them and rate their answers:

How would you describe the board's role in a credit union? What is the CEO's role?
What do you think are the most important financial considerations that board members should understand and why?
What is your motivation in wanting to be a board member?

Not only do these questions help you determine whether the candidate would be good fit – they can provide useful information on existing board members as well. Ask all volunteers to go through a vetting process when terms come up. Here's a sampling of solid questions to ask:

What changes have occurred within the economy that the board should take into consideration when representing the member's best interest?
Please describe your continued commitment to the credit union and why you want to serve.
Describe the role of a board member and what leadership qualities will be required in the future.

Credit unions require thoroughly vetted volunteers who bring educated ideas to the table and understand the needs of the community, as well as the financial institution. When they start losing their edge and commitment, we must be willing to help them see it is time to allow new volunteers an opportunity. When board members lose touch with what's on the horizon in the financial world, or even when their background is no longer representative of their own neighborhoods, the credit union board must be prepared with strong replacements when the time comes.

Instant Insights /

Credit Unions Must Modernize Board Governance

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