Not For Profit, But For Service
This phrase not only describes the credit union, but also the nature of the board. Credit unions are not-for-profit cooperatives owned by their members. This means that when you become a member of a credit union, you become part owner. As a member-owner, you have a voice as to how the credit union operates through the Board of Director’s election process.
Unlike a bank, which has stockholders who operate in their own best interest, a credit union’s board of directors is elected by its members. This basic principle is what really sets credit unions apart from other financial institutions. An elected volunteer board of directors who are also member-owners are sure to help operate in the best interest of its fellow credit union members.
The management team at a credit union manages the day to day operations and keeps the credit union running. The board of directors work with the management team to represent the member-owners best interests on things like promotions, rates and events.
Every year the board will appoint a nominating committee that will review a list of nominees for the offices of director or committee members. The nominating committee will choose the individuals who they believe have the skills and experience needed for the position. Members may also make nominations by submitting a petition signed by 1% of members to be received no later than February 12, 2021 at PO Box 64630, Baton Rouge, LA 70896. Candidates must meet the minimum requirements below.
Qualifications for volunteers:
- Must be a member
- No criminal conviction involving dishonesty
- Meets minimum age of 18
- Financial experience preferred
- Candidates should not have a conflict of interest being affiliated with other credit unions in an oversight position. Employees and family members are not eligible.