Why You Should Apply to Join Your Credit Union Board of Directors

Sometimes in the fall, you see the call: FFCCU is seeking nominees for our Board of Directors. It’s possible you’ve overlooked the message in the past. You might be thinking to yourself, “Surely, I can’t be part of a credit union board of directors? They won’t just nominate anyone, right?” But chances are, you can! We’ll break down what it takes to run for a leadership position with FFCCU, and why you should apply today!

Not-For-Profit: Guided by Members for Members

You might recall from previous articles that credit unions, like FFCCU, are not-for-profit. While other financial institutions use earnings from customers to pay shareholders or an owner, a not-for-profit works differently. Not-for-profit organizations put funds generated right back into the organization. This can be in the form of lower fees, more competitive loans, technology and service improvements, or better savings rates. Credit unions are owned collectively by everyone who invests money in them – hence why you are a member, rather than a customer. You have a stake in FFCCU.

Since a credit union is intended to serve its members, those members get to have a say in how decisions are being made. The Board consists of members, voted on by their fellow members.

What Does a Credit Union Board of Directors Do?

Typically, the focus of a board of directors at for-profit companies is to maximize profits for their shareholders. This is NOT the case with a credit union. Members volunteer to be on the Board of Directors. Board members then advise the executive leadership, handle procedural protocols, and vote on issues relevant to the credit union’s betterment.

At FFCCU, board members serve a three-year term. Once their term is up, the incumbent can choose to run again, and members can vote to keep them on or elect possible new nominees. However, all nominees must be members of the credit union to sit on the Board of Directors. Therefore, ALL members can help decide the future of FFCCU!

What Makes You Eligible for the Credit Union’s Board of Directors?

So…can just any member run for a position on the Board of Directors? With a few caveats – yes! Naturally, there are a handful of restrictions, but most members who are over the age of 18, in good standing, and have been with the credit union for more than a year can apply*. Because the board has an important task in providing reliable, informed leadership that will benefit all members, there is a vetting process before applicants are placed on the ballot.

How Do We Vote for the Credit Union’s Board of Directors?

Once applications for Board positions have been submitted, a nominating committee confirms eligibility of applicants. A few months later, typically in January or February of the following year, voting begins! The number of available Board seats can vary from year to year (in the case of the 2025 Board election at FFCCU, there are three open positions). All members over the age of 16 will have the opportunity to vote for the approved nominees. To ensure fairness, FFCCU is assisted by an outside agency that ensures convenient, secure, and anonymous voting for all of our members.

Should You Apply & Vote?

Yes! The application process is brief and can be completed conveniently online. Having multiple perspectives from among the membership enriches a credit union board of directors. A broad range of backgrounds, community contacts, and experience can enrich a Board and make for a more dynamic credit union.

And if you don’t see yourself in a role like that – you can still vote! Lending your voice to the decision-making on leadership is one of the many benefits of your membership. The shared perspectives of the entire membership also contribute to the strength and direction of FFCCU. Few organizations provide opportunities for their members to take on or decide upon leadership roles – make the most of it!

If you have a vision and a passion for serving your fellow members, you might be a perfect credit union board of directors candidate. So, what are you waiting for: apply today!

*Additional restrictions may apply visit ffcommunity.com for details

Posted In: Board of Directors