No job is harder for a board of directors of a credit union, but no job is more crucial than knowing when to separate the cooperative from a lagging chief executive officer and having the strength to act.
This provocative topic is the focus of this preview from next week's print edition of Credit Union Times.
The email from a usually voluble credit union executive who had been asked to comment on the secrecy that surrounds compensation of top managers at federally chartered credit unions said, “Too touchy of a subject for me. Sorry.”
Governance questions may not get more visceral – who makes the biggest decisions at a credit union? The question is easy to ask, but for some, it can be bafflingly hard to answer.
Now you have it, now you do not. Puzzlement has percolated on the part of some in the industry over the insistence by the NCUA that indemnification and coverage of legal fees incurred by the onetime WesCorp officers it is suing are not owed. That is, the defendants (now down...
The tough NCUA financial literacy requirements for credit union volunteer directors came as a loud wake-up call on Jan. 27, 2011. And the provision came with a requirement that all new directors had to gain financial literacy within six months of their election.
Florida lawyers Bruce Boiko and Michael Lozoff are now part of the financial services industry practice of the Miami law firm Shutts & Bowen.