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Should CUs Move Away from a Volunteer Board Member Structure?

Sep 21, 2018
Credit Union Times Executive Editor Michael Ogden has written an op-ed in his magazine capturing some thoughts about a question asked at Cornerstone Credit Union League's recent Leadership Conference in San Antonio. Ogden participated in a media session with colleagues from the Credit Union Journal and CUToday.

Credit Union Times Executive Editor Michael Ogden has written an op-ed in his magazine capturing some thoughts about a question asked at Cornerstone Credit Union League's recent Leadership Conference in San Antonio. Ogden participated in a media session with colleagues from the Credit Union Journal and CUToday.

"While we hit on some of the main topics surrounding our current media environment… there was one question from the audience that has stuck with me for several days now," Ogden said. "The question had to do with recruiting better board members for a particular credit union."

Ogden was reminded of the trouble at Municipal Credit Union (MCU), the multi-billion-dollar credit union in New York, formerly led by Kam Wong. Wong was fired by the board in June after it was discovered he had allegedly been stealing millions from the credit union. Thereafter, the New York State Department of Financial Services removed the entire board and a lawsuit was filed by the former board members to get their seats back (and reputations cleared).

Ogden points to the question: Is the board responsible for what happened at MCU in any way?

Allegedly millions of dollars went out the door, and no one involved appears to have a clear answer why. This leads back to the old question, says Ogden, which is, Should credit unions move away from the volunteer board member structure?

Visit Credit Union Times and view the rest of Ogden's thoughts on whether or not credit unions should move away from a volunteer board member structure.