The DCU released Bulletin B-16-20, which is a white paper guide for credit union directors. The guide, based on the FDIC’s Pocket Guide for Directors, is a set of common-sense principles setting forth the basic responsibilities and duties of a credit union’s board. It describes a framework for corporate governance that can apply to any institution. The DCU feels that the core responsibilities of credit union directions should be presented in a clear and straightforward manner.
The guide is divided into three chapters:
- key governance concepts and the important roles and responsibilities of credit union directors and senior management;
- an expanded discussion of governance principles, particularly as they relate to credit union governance and planning activities; and
- an explanation of how DCU examiners evaluate the effectiveness of a credit union’s board of directors.
It also includes an appendix of resources that are available to assist credit union directors in fulfilling their duties, including links to pertinent regulation, guidance, and DCU training materials.
Credit unions should share the guide with board members and potential board members so they understand their duties and the DCU’s expectations.
