The first step is strategic planning, according to Jami Weems, a management consultant for the Iowa Credit Union League.

"This involves determining which direction or directions that you want to take the credit union," she said.

2. Pinpoint member qualities

Once you have your strategic plan in place, the next step is to determine what kinds of individuals you want to attract – those who can help your board move toward your strategic goals. This involves, first, targeting potential members with the appropriate cultural and age backgrounds.

"You want to make sure that your board represents a cross-section of your membership, both in terms of current members, as well as new members that you want to attract," Weems said.

3. Consider diversity

Cultural background, for example, is important – and it is becoming more and more important, according to Miriam De Dios, CEO of Coopera, a Hispanic growth firm that provides solutions specifically for credit unions.

"Board inclusion and diversity are top of mind for many of our clients, which means having Hispanic board members," she said. "The credit unions we work with have been making great strides in reaching out to the Hispanic market, doing so by working hard to make sure their organizations reflect the markets and communities they are serving."

However, according to De Dios, credit unions can't attract Hispanic members simply by hiring tellers or member service representatives who are bilingual.

"These credit unions need to hire Hispanics at all levels of their organizations, including having Hispanic members on their boards," she said.

4. Provide appropriate background information to potential board members

Weems is familiar with a number of credit unions in Iowa that have created apprentice programs for their boards.

"One credit union, for example, wants to attract more millennial members, so they have reached out to all of their members who are within a certain age bracket, reintroduced them to all of the benefits of being members of the credit union, and then asked them if they would be interested in learning about the governance process," she said.

This credit union now has nine apprentice positions on its board. All, of course, have signed confidentiality agreements.

"They are currently learning the ropes," she said. "The goal is to encourage them to put their names on the ballot during the next annual meeting."

De Dios added, "Credit unions in California and Texas may not have much problem finding qualified Hispanic individuals for their boards. However, in other places around the country, it may be more difficult."

One solution she recommends is to create an external advisory group that reaches out to community leaders who are active in the Hispanic community, get these leaders familiar with your credit union and help them understand what it would involve to be on your board.

"Many of these leaders may never have served on a board of any kind before," she said. "Then, over time, you can nurture and develop these individuals so that, at some point in the future, they could become board members. In some cases, it might make sense to start these individuals out in associate board positions, so they can get experience before they fully jump on board."

5. Train, train, train

Educating new board members is critical, Weems noted.

"It is important for boards to understand their goals and challenges for the next three to five years, and then make sure they have individuals on the board with the skill sets to allow you to move forward," she said.

To accomplish this, credit unions need to reevaluate their board education and training programs.

"Boards often put plans and policies together, but then fail to designate the resources they need from a budget consideration to train new board members," Weems said. "A lot of board members have been on the board for so many years that they fail to realize that new members need training."

In such cases, these boards end up looking at their talent and, after it's too late, realize that no one has the skill set needed to continue moving the board forward.

"It is very important to allocate financial resources for training," she said.

6. Focus on regulation

One of the most important aspects of training relates to regulation, according to Cindy Williams, vice president of regulatory compliance for PolicyWorks, a firm that provides credit union compliance solutions.

"I have learned that it is not only important, but critical, for board members to understand their responsibilities in regard to regulatory compliance," she said. "Succession planning is a good time to think about this – to think about what kinds of regulatory compliance backgrounds would be important for new board members."

As Williams sees it, new board members don't necessarily have to be from the financial world.

"They can have experience in any highly-regulated industry to have a deep understanding of regulations and why they are important," she said. "This person can bring a good understanding to the board of regulatory compliance in general, such as why it needs to be dealt with, and maybe even some benefits they can get from it."

However, a new board member who comes in under a succession plan and who has some experience with a regulated industry may not have a specific background in credit unions.

"As such, this person really may not understand the industry," Williams said. "For this reason, it is important to have a training program that focuses on regulatory issues. New board members need to understand the specific challenges and obligations that go with that."