Governance is the way the owners of an organization choose to control it. In our free enterprise system, every business is run for the benefit of its owners.  I can’t think of an exception. Since large ownership groups of organizations, such as credit unions, can’t crowd into the office of the CEO to make all the daily decisions that are necessary to run the business, they elect a board of directors to represent their interests. 

Now more than ever, Credit Union Boards need to be at a strategic level and focused on the future. There are significant opportunities and challenges ahead as the volunteer structure of leadership faces increased liability, succession planning and new business models while an ever increasing regulatory presence impacts decision making.

The $1.5 billion Lake Trust Credit Union, Lansing, Mich., opened its doors on April 1, 2010.  It was the result of a merger between $850 million asset NuUnion Credit Union of Lansing and $750 million asset Detroit Edison Credit Union.