Empty chairs in boardroom Source: Shutterstock

The No. 2 cooperative principle of the credit union movement states that cooperatives are democratic organizations owned and controlled by their members, with each member getting one vote, with equal opportunity for participating in setting policies and making decisions.

But four credit union members recently said the industry’s democratic principle at the $4.9 billion Virginia Credit Union failed them, claiming that the North Chesterfield-based credit union board election process allegedly rigged the election in favor of incumbents.

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Peter Strozniak

 

Credit Union Times

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