Board of Directors Duties & Responsibilities
The Hughes Federal Credit Union Board of Directors provides the credit union with a governance framework that incorporates business mission, strategic direction, goals, policies and risk management; to grow and protect members assets. The mission is to
provide superior personalized service and high-quality financial products to our field of membership while maintaining the credit union long-term financial stability.
The Board of Directors primary responsibility is to serve in the best interest of the credit union members; through leadership, decision-making, and oversight. The Board of Directors additionally supports; the National Credit Union Philosophy of “People
Helping People” and “Not for Profit, Not for Charity, but for Service”. To provide a positive difference in our members life, we are committed to support community charities, veteran needs, and organizations that promotes financial
literacy.
Duties
- The board of directors is responsible for the general direction and control of the federal credit union. An understanding of the financial industry landscape, trends, challenges and opportunities should bring invaluable insights to a director.
Knowledge of the industry financial instruments, investment and regulatory environment is valuable. A director should be capable of identifying, evaluating, and managing several types of risks that the institution may face, such as credit, market, operational,
and compliance risks.
- A director should be of the highest ethical standards and act with integrity in all their dealings. This is particularly important in the financial industry where trust is paramount.
- A director must have a working familiarity with finance and accounting practices, including the ability to read, analyze and understand the credit union’s balance sheet and income statements. This expertise enables the director to oversee the
financial health of the institution and be able to make informed decisions.
- A director should be capable of strategic vision and planning. The director should have the ability to contribute to the development and execution of the organization’s strategic plans. Should be forward-thinking and able to anticipate future
challenges and opportunities. Open to new ideas, understanding when a pivotal change is required, adaptable to change, and be capable of fostering innovation.
- A director should participate, and when appropriate lead specific business committees.
- Approve the creation, review, and updates to operational policies.
- Attend and participate in monthly board of director meetings and complete required annual compliance training.
