Responsibility for the general direction and control of the credit union
- The board may delegate some operation functions to management, which can include the credit union's CE, but it holds responsibility for the credit union's overall direction, such as its approving the budget and marketing plans.
Formulate policies
- The board of directors is responsible for establishing policies for the credit union. This includes membership criteria, product pricing, any account fees or cash withdrawal limits. The board of directors will also determine dividend rates on share savings accounts and certificates, as well as interest rates on loans for members.
Ensure the credit union operates in a sound business manner
- A credit union, while not-for-profit, must be run in a way that ensures it is operating to produce revenue and maintain strong capital. In addition, the board members must ensure that the credit union members' funds are properly protected.
