USUCCU Board of Directors Nominations
In accordance with the Bylaws of the USU Charter Federal Credit Union, the Board of Directors will be accepting nominations from its general membership for open board positions for the upcoming term.
Board of Directors Responsibilities, Duties and Requirements
Each member of the seven-member Board of Directors is elected by the membership to serve a three-year term. The Board sets policy and directs management in the overall running of the Credit Union.
- Make strategic decisions regarding the course of action for the Credit Union by establishing objectives, formulating policy and approving goals and programs.
- Set rates on savings and loan products. Establish pricing policy on member services and fees.
- Hire, fire and evaluate the Credit Union’s CEO and President.
- Approve pay practices and benefits for Credit Union staff as recommended by management. Participate in standing committees as appointed by the Board Chair.
- Ensure that the Credit Union meets all federal and state regulations and guidelines. Monitor activities of and appointments to the Supervisory Committee.
- Maintain, review and update the Credit Union bylaws. Maintain the confidentiality of all Credit Union business.
- Attend and actively participate in monthly Board meetings and the annual planning session.
- Thoroughly review Board packets prior to each Board meeting. Routinely review Credit Union policy.
- Be aware of state and federal political issues regarding the credit union movement.
- Give all assistance possible to fellow board members, appointed officers and employees of the Credit
- Union in the discharge of the duties of their offices.
- Disclose possible conflicts of interest and refrain from voting on issues related to the conflict. Attend monthly Board meetings.
- Must be a member in good standing with the Credit Union. Must be at least 18 years of age.
- Must be bondable.
- Must authorize a criminal background check and credit check.
At a minimum, a director should be able to examine the Credit Union’s balance sheet, income statement and be able to answer the following questions:
- What does this line item mean?
- Why is it important to the credit union?
- Is the value of the line item changing over time? If so, what does that change (either positive or negative)
- Is the change important to the credit union?
A director must understand the specific activities in which the credit union engages. In particular, a director must understand not only how these activities generate revenue for the Credit Union but also, and perhaps most importantly, the various risks associated with these activities that could lead to financial loss.
You must understand the risks found in depository institutions that is, credit, liquidity, interest rate, compliance, strategic, transaction, and reputation risk. Moreover, directors must understand the internal control structures at the credit union that limit and control these risks.
Meetings are scheduled by the Board. They are currently being held from 4:00pm to 6:00pm, but have been held at noon on some occasions. Additional meetings are held monthly and occasionally.
- You may be subjected to civil liability coupled with monetary damages if it can be established that your actions or breach of fiduciary duty resulted in an injury to the credit union or its members.
- You may be subjected to criminal liability if it can be established that you violated a specific governmental statute, such as BSA or FACT act. You also may be liable if you commit fraud.
- Other breaches of fiduciary duties include:
- General Mismanagement - Usually a pattern of actions or inactions that result in significant harm over a period of time.
- General Neglect - Directors are expected to exercise “good faith and honesty” in performance of their duties. This implies that a director would exercise some level of due diligence in the performance of their duties.
Submitting an Application:
Applications must be received by February 8, 2013. To be considered, please send a resume and letter of intent to David Butterfield at