Volunteer Requirements and Expectations
Directors should demonstrate an understanding of the business of the credit union including:
- Financial Ratios
- Financial Condition
- The division between governance issues and operational issues
New volunteers are given training opportunities to learn and then demonstrate their understanding.
Educational and development opportunities
Directors are expected to attend educational meetings, seminars, conferences, or training sessions sponsored by NAFCU, CUES, CUNA, or the New York, Connecticut, and Massachusetts State Leagues, either in person or online, at least once per year and to provide feedback to the Board. Relevant topics include:
- Financials and related ratios (financial literacy)
- Industry trends
Training events may also be organized and led by the Credit Union for Directors and other volunteers during Board meetings, during Board retreats, or as separate events to facilitate learning together. The Credit Union staff will ensure that useful fundamental information that is relevant to Directors and other volunteers is maintained on the Board portal. The purpose of this information is to provide foundational understanding for new volunteers, and a reference source of current information for more seasoned volunteers.
Directors are required to complete regulatory training including Anti-Money Laundering and Bank Secrecy Act training.