If you are currently sitting on a board, you are finding yourself under heavy scrutiny from your stakeholders, federal and state regulators and the public. When we read about corporate troubles in the press these days, the stories are apt to ask, "Where was the board?" Worse yet, this question could be asked in the context of a lawsuit. While corporate boards have been undergoing severe scrutiny for a while now, credit union boards have started to experience it as well. The NCUA recently issued guidance requiring financial literacy for all board members and defining the board's fiduciary responsibility for credit unions.

What is the message being sent? It's simple. Credit union boards need to step up their game. What was considered a well-functioning board in the recent past may not be seen as a well-functioning board today.

Credit union boards today essentially have the following responsibilities: