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Most credit union boards operate for years without having to take some extraordinary action. Most board actions occur with established regimen and with little trauma.
However, if your credit union is like ours, your board, and maybe your management are not ready for an unusual event: the removal of a supervisory committee member by a vote of the membership; in our case, two members of the supervisory committee.
While the bylaws provide for the process of removal of a member of the supervisory committee, there have not been sufficient occurrences to develop a body of knowledge, or practices to follow; at least that we, our examiner or our counsel could find.
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A new EU pay transparency directive has left many organizations feeling unprepared.
The list includes six credit unions merging due to poor financial condition and two for poor management.
California credit union says most of the loss is related to members overdrawing money during the event.
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