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 $500 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

Associate Directors

  • 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 

Supervisory Committee

  • 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

Board Meetings

  • 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).

Committees

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 may be framed as ad hoc, as needs arise. The time commitment for each committee will vary based on committee work.  

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

Ensure Resources 

  • Select the President/CEO
  • Enhance the Credit Union's public standing
  • Ensure adequate financial resources
  • Build a competent board

Provide Oversight

  • 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.  

Becoming a Volunteer

To join the BMI Federal Credit Union Board of Directors, visit the Board Flyer, and fill out an Application of Interest.   

Learn More About BMI Federal Credit Union 

Read more about the Credit Union
View BMI Federal Credit Union Annual Reports
Explore the website

*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.