100% Credit Union-owned CUSO, CU*Answers, recently said that as part of its commitment to help educate and assist credit union Board of Directors with their due diligence responsibilities it had just released their 2012 Board Member Handbook. Credit unions may utilize the handbook as a tool to develop or update their own existing policies and procedures as desired.   

CU*Answers stated it created this handbook as it saw a general need within the market space to provide a template from which a Board of Directors may customize to match their specific needs. They added that the Handbook includes broad information to a wide variety of topics for which a Boards of Directors is typically responsible. Several of these include:

• General Policies – including a review of a Board’s functions, Board composition, continued Education, Liability Insurance and Audit Report considerations.
• Board Duties –  including Chair and Vice Chair, Secretary/ Treasurer and Individual Directs
• Primary Duties of Standing and Special Board Committees
• Board Attendance; Reimbursement Considerations and Procedures.
• Distribution of Return To Owners

CU*Answers said this Board Member Handbook is being provided free to any credit union that may desire a tool such as this in reviewing/ updating their own internal documented processes.

CU*Answers concluded by stating this Board Handbook is being provided in combination with its previously released Financial Literacy Series for Credit Union Board Directors—a free online video series and part of the on-going Board of Directors Education offerings. They said that any credit union may contact Scott Page at spage@cuanswers.com for additional information.