As the financial services industry overall has evolved, so too should some of the things credit unions were built upon. What many have widely considered one of the underpinnings of the industry, volunteer boards of directors, is a thing of the past. Credit unions' organization and products are not as simple.
Mortgage-backed securities and 401ks were not even conceived of when credit unions were formed in the U.S. These are just a couple of the things of the 21st Century that are far more complex than 100 years ago. It's a huge undertaking to serve on a credit union board.
Take, for example, the Declaration of Independence. It outlines all the things that no one can take away from Americans: life, liberty and the pursuit of happiness. Following on this, the Constitution very clearly explains the philosophy of the U.S. government and its people.
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