Board of directors & leadership
A key difference between credit unions and banks is the leadership. Federal credit unions have a volunteer board of directors elected by and made up of members and a supervisory committee appointed by the board, while banks are governed by a board selected by its shareholders.
Meet the members of the board & committees
The board of directors is elected by credit union members. They provide general direction and control of the credit union and meet at least once a month.
The supervisory committee is responsible for conducting an annual audit, verifying the accounts of the members, and reviewing the performance of the officials and employees. It also makes recommendations to the board of directors for improving operations within the credit union.
The credit committee is responsible for approving or denying all requests from members for loans.