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Board Members Must Understand Their Duty

Board directors need to have a healthy discussion about the changing financial services market.

By Norm Halls | Updated on July 27, 2014

I have been on the board of the STCU Credit Union for 10 years and am 82 years old. We’ve gone through reorganization of management and the board. That was an education. Three years ago we hired a new CEO and our numbers and staff look great. I now have seven months left on the board.

According to all projections, financial institutions will face dramatic change over the next few years. The shifts will trigger some major adjustments. Older citizens most likely will not have mortgages, so it will be the middle aged and younger that will convey the economic clout, and minorities of all kinds are playing an increasingly dynamic role in society.

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