BMI Federal Credit Union
BMI Federal Credit Union
Board of Directors and Supervisory Committee Selection
About the Board of Directors
The BMI Federal Credit Union Board of Directors is a volunteer board that provides strategic leadership and
governance to ensure the mission and vision of the Credit Union. We provide governance and oversight to a financial institution with over $600 million in assets and serve over 38,000 member-owners.
Our purpose statement
To improve the financial lives of our members and the community we serve.
Our vision statement
To be the premier financial institution in central Ohio by delivering personalized products and services.
Board of Directors
- Consists of nine members serving renewable three-year terms
- Elects the Executive Committee (Chair, Vice Chair, Secretary, Treasurer)
- Governs the Credit Union
- Consists of one to three members serving renewable one-year terms
- Attends and participates in board meetings, planning meetings, and annual meetings (no voting powers)
- Engages in assigned committee work and projects
- Attends educational training, as designated by the Chairman
- Consists of three to five members serving renewable one-year terms
- Ensures the safety and soundness of the Credit Union's assets by monitoring and enforcing compliance with the Federal Credit Union Act, Federal Credit Union bylaws, NCUA Rules and Regulations, and the Credit Union's policies
- Makes or causes to be made an annual audit, and submits a report of the audit to the Board of Directors
- The Board meets monthly. The day and time of the regular meeting is re-established at the Board's Organizational Meeting each year (approximately 1.5 to 2 hours).
- Following each meeting, the Board enjoys either a catered dinner, or in-house service at a local restaurant (optional).
- The Board participates in an annual strategic planning meeting where we bring in outside experts and consultants that provide insight to market changes, review the current credit union environment, and work with the leadership team to set strategy and provide direction for the management team. The date and location for this meeting is determined annually (approximately 8 hours).
Board members serving on standing committees may need to attend committee meetings in between board meetings. The time and place for such meetings are set by the committee Chair, with the consensus of the committee members. Standing Committees Include: Executive, Supervisory, ALCO (Asset, Liability), Governance. Other committees or task forces on an ad hoc basis, as necessary.
What Does the Board of Directors Do?
The three main roles relate to 10 basic responsibilities for not-for-profit board members:*
Establish Organizational identity
- Determine the mission and purpose of the Credit Union and advocate for them
- Ensure effective organizational planning
- Select the President/CEO
- Enhance the Credit Union's public standing
- Ensure adequate financial resources
- Build a competent board
- Support and evaluate the President/CEO
- Determine, monitor, and strengthen the Credit Union's programs and services
- Protect assets and provide financial oversight
- Ensure legal and ethical integrity and maintain accountability
Legal Duties (Fiduciary Duties)
Duty of Care
Pay attention to the Credit Union's activities and operations
Duty of Loyalty
Put the interests of the Credit Union before personal and professional interests
Duty of Obedience
Comply with applicable federal, state, and local laws; adhere to the Credit Union bylaws, and remain the guardians of the mission.
Learn More About BMI Federal Credit Union
Read more about the Credit Union
View BMI Federal Credit Union Annual Reports
*Adapted and used with permission of Board Source/ For more information about Board Source, call 1.800.883.6262 or visit www.boardsource.org. Content may not be reproduced or used for any purposes without written permission from Board Source.