The board of directors has the following four basic responsibilities:

• Select qualified management and evaluate management’s performance;

• Establish, regularly review, and revise as necessary business goals, standards, policies, and procedures;

• Review operating results and performance of new and existing activities; and

• Ensure compliance with applicable laws and regulations, and the credit union’s own policies and procedures.

 

While fulfilling these responsibilities, board members should:

• Operate independently from management;