And leagues provide training and information to help volunteers and staff do their jobs better. And volunteers reduce credit union expenses, helping keep service costs low. In contrast, unpaid credit union volunteers have no personal stake in earnings leading to more-conservative investment choices. Board of directors . Credit union members elect fellow members to a board of directors.
Directors act as trustees of member funds.
At regular meetings, board members set policies for loans and other services. Board policies must reflect sound business practices, and federal and state laws and regulations. The board also must adhere to the credit union's charter and bylaws. The charter is the federal or state document that allows the credit union to form. The bylaws are the rules for membership and operation.