General Director Qualifications
The role of a director of a Credit Union in today's environment is more demanding, more complex and multi-dimensional than it has been in the past. There are also more risks, and potential liabilities are relatively heavy. Society expects and demands more from directors, and consequently the director's role has become more onerous.
Directors of Digital Federal Credit Union will be expected to bring to the Board a broad range of knowledge and depth of experience from their chosen business or profession, as well as an understanding of the principles and values of Digital Federal Credit Union and the communities it serves.
Directors should evidence a demonstrated ability to deal with business, financial and social issues at a national level. This implies a capacity to provide additional strength, diversity of views and up-to-date perceptions to the Board and its deliberations.
Directors should have a fundamental understanding of their role and responsibility to the Credit Union. Directorship on the Board of Digital Federal Credit Union is not a public office, and although the Board will be representative of the community which it serves, the Director's primary responsibility is to act at all times in the best interests of the Credit Union. This fiduciary duty is both a legal obligation and is mandatory under the terms of the Credit Union's By-Laws.
A Director should possess integrity, be willing to articulate his or her views frankly, be able to work productively with others, and have the ability and willingness to commit the time and effort required.
Directors should be fully informed regarding their responsibilities and liabilities as a Director prior to a commitment to serve.
Minimum Requirements (Board Policy)
Director candidates have been credit union members for at least two years prior to the date of election, and whose Membership is in good standing who have the ability to comply with the appropriate Board Process Policies and meet all of the following minimum qualifications:
- Minimum Age: Must be 18 years of age or over
- Must be an American citizen or a person lawfully admitted to the United States for permanent residency who is ordinarily resident in the United States
- Has not had a membership in any credit union which has been terminated, other than voluntarily
- Credit Standing: must have had no financial obligations with any institution, company or agency extending credit which are or have been delinquent more than two consecutive monthly payments at any time during the past four years
- Bondability: Must qualify for bonding
- No Criminal Record: No felony convictions or pending felony charges
- Credit Union Employment: Not a current employee of the credit union
- Agreement to Serve: Must fill out completely an "Application to Serve as a Credit Union Volunteer and Candidate Certification" on a form authorized by the Board of Directors
- Is free of any real or perceived conflict of interest that might reasonably be expected to prevent him or her from acting in the best interests of the credit union as a whole and independently of any particular interest arising as a result of any previous, existing or future relationship with the credit union, its members, regulators, competitors or suppliers;
Desired Expertise and Experience
Based on a determination of the overall expertise required by the Board as a whole, specific expertise in these categories will be considered positive attributes of potential candidates for Board appointment. It is recognized that not all candidates will have all attributes, and that the objective of the policy is to achieve an overall balance of required skills and expertise on the Board of Directors.
- Regional/national business operations
- Customer relations in a service sector
- Operations expertise in high-growth industry sectors
- Financial services sector
- Credit or interest rate risk management
- Wealth Management
- Governance, audit and/or operational risk assessment and management
- Technology, internet, e-commerce
- Knowledge and experience in mergers and acquisitions
The following attributes will be considered when selecting candidates for Board appointment:
- A core knowledge of the cooperative financial sector, and the concepts, principles and values of the cooperative environment
- Ability to act without a real or perceived conflict of interest that could reasonably be perceived to conflict with the individual's responsibility to act in the best interests of the Credit Union within the opinion of the Board of Directors in consultation with legal counsel
- Regional stature in the individual's chosen business or profession, or community involvement
- Willingness to ask probing questions and challenge management within the appropriate governance context
- Ability to operate "as a team" at the Board level, and to be able to "speak with one voice" once a full discussion has been undertaken and a decision has been made by the Board in accordance with its governance policies
- Previous Board experience
- Ability to assess the implications of financial statements and auditor's reports
- Ability to bring a perspective of external business, social and regional issues to the deliberations of the Board
- High ethical standards
- A strong, independent individual who also contributes effectively as a team member of the Board and its Committees
- Ability to critically assess business strategies and operations
- Forward thinking and with a knowledge of potential changes and trends facing the future of the industry
- An understanding of corporate governance and the fiduciary duties and responsibilities of both a Board of Directors as well as of individual Directors (in particular - a comfort level with the principles of the Policy Governance Model under which the Board operates)
- Possess a commitment to continuous learning
- Good interpersonal relations
Digital Federal Credit Union and Community Service:
- Ability and willingness to make a real contribution to Digital Federal Credit Union, its Board and its Members
- Commitment to Digital Federal Credit Union's strategic objectives, vision, commitment and values
- An understanding of Digital Federal Credit Union's unique service and contribution to its Members
- Ability to reflect the values and commitments of Digital Federal Credit Union, and to act in the Credit Union's best interests at all times
- Ability to bring to the Board a knowledgeable perspective on issues affecting business in the geographic jurisdictions in which the Credit Union carries on business
- Ability to act in the best interests of the Credit Union as a whole, and independently of any particular interest arising as a result of any previous, existing or future relationship with the Credit Union, its Members, or suppliers
- Ability to assist Digital Federal Credit Union in making contacts and assisting in business development or strategic alliances where appropriate
- Personal experience, community service, and a commitment to the operating region's issues and concerns
Potential candidates for membership on the Board will not be denied consideration by reason of race, sex, religion, disability, age, geographic location or affiliation with some special constituency group, nor will any candidate be selected solely for such reason.
To Learn More
If you would like more information about volunteer opportunities at DCU, send an email to firstname.lastname@example.org.*
* Please note that ordinary email is not secure. You should avoid including any sensitive personal or financial information. Contact DCU directly with specific questions concerning your account or membership.