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Learn how to mitigate risk.
Roni M Crichton JD, CCD, Xceed Financial CU
Directors have duties of loyalty and reasonable care. An attorney and board chair puts these terms into layman’s language, giving credit union directors advice on demonstrating and documenting due diligence and understanding director insurance and indemnification to mitigate the risk.
From ALM to Reg Z, attorney takes inventory of 53 guidelines (up from 41 in 2011) that directors must set for their CUs.
Boards can benefit from knowing the best practices C-level executives typically apply when the regulators are coming.
A board is charged with ensuring a CU’s compliance with applicable laws and regulations, as well its safety and soundness. Here are four key thi...