Credit unions are not your average financial institution. They are member-owned, not-for-profit organizations that exist to serve their members rather than to maximize profits. At the heart of this structure is a volunteer board of directors.
Who Are They?
Volunteers comprise the entirety of a credit union’s Board of Directors. The credit union’s members elect these local folks who are also typically members. This means they have a genuine stake in the institution’s financial well-being and, by extension, its members.
What do they do?
The board of directors plays a crucial role in the credit union’s governance. They set the strategic direction, establish policies, and oversee management to ensure that the credit union operates efficiently, ethically, and in the best interests of its members. This includes approving budgets, monitoring financial performance, and ensuring the credit union meets all regulatory requirements.
Why Does it Matter?
Because our directors are members, they intimately know the community’s needs and concerns. This helps them craft policies and services that directly benefit our members.
Community-Driven
The board’s volunteer nature reinforces credit unions’ community-oriented mission. Board members are often active in local communities, bringing a wealth of local knowledge and a commitment to community development.
Let’s say your credit union is considering a new loan product for small businesses. The board’s job is to assess the potential impact on the community, weighing factors like local economic conditions, the specific needs of small business owners, and the overall risk to the credit union’s financial health. Because they volunteer, their decisions are motivated by a desire to support the community rather than profit margins.
As we celebrate Altana’s 75th anniversary, we express our heartfelt gratitude to our volunteer board of directors. Their dedication and commitment have been instrumental in shaping our credit union into what it is today. We’re excited to introduce you to each volunteer board member to mark this special milestone. Meet them here!
