A volunteer board structure is at the heart of the CU community, but is there still a place for volunteers in an increasingly complex operating and regulatory environment? In this ongoing series, CU Journal explores the role of volunteers.
NAPERVILLE, Ill. -- The decision by the Illinois Credit Union League to ban volunteers from its board of directors last year has been panned by some in the community, but a league representative said it was a necessary step approved by delegates.
It is a fair question, but a deeply sensitive one around credit unions and their boards of directors: Are CUs doing enough to weed out older board members who have served for decades but lack the financial knowledge and experience to be effective?
When it comes to improving credit union board diversity, performing a self-assessment is one of the best practices to consider, according to Jim This, president and co-founder of the Paragon Group, an Olympia, Wash.-based CUSO owned by $894 million TwinStar Credit Union that offers board effectiveness evaluations.