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;