Hungry for knowledge

Brama appreciates that Farm Credit Employees Federal directors are engaged and hungry for knowledge.

“My board is open to continued opportunities to learn more about not only our credit union, but also the credit union difference,” she says.

While the credit union’s directors are well-versed in financials and compliance, Brama says they’re now expanding their knowledge about how credit unions operate differently from banks.

She’s considering hosting a National Credit Union Foundation Exploring Why workshop to help directors better understand and connect to the credit union difference.

Hogan says she’s fortunate her board is invested in the future of the credit union and its mission. “They understand the importance of training and have embraced it as part of their commitment.”

At Harvester Financial, all board members are receptive to training, and newer board members are especially eager to learn. “They’ll ask me to recommend webinars or other options,” Ford says.

Aside from required training, Community provides additional opportunities at board meetings focused around topics or issues the credit union is exploring or preparing for. Hogan uses NCUA board training videos that are available on YouTube.

Before examinations, she assigns board members to watch NCUA’s examination series. “Then we discuss it at a board meeting to ensure they understand CAMELS ratings,” Hogan says.

When the credit union looked into community development financial institution (CDFI) certification, the board watched the video series about CDFI to provide a different perspective.

The board also uses these and other resources, including videos about financial statements, financial ratios, and supervisory committee responsibilities, for new board member orientation.

Hogan sometimes includes articles relevant to the credit union’s strategic initiatives in the board packet. “I’ll ask everyone to read it, and then we take time to discuss it,” she says. “Board members have also brought articles to me to bring to the board for discussion.”

The biggest barriers to training at small credit unions: cost and time.

“We don’t send board members to national conferences, and it’s rare for us to bring in a focused national speaker,” Hogan says. “We try to take advantage of our state’s volunteers’ conference so directors can get exposed to some national speakers and network with other board members from across the state.”

As a select employee group-based credit union composed of members in other states, Farm Credit Employees Federal primarily meets virtually. However, Brama knows the value of in-person training.

“I’m a firm believer that in-person trainings are often more effective, as there are little outside distractions,” she says, although they’re not always conducive for board members who live outside the state.

Brama seeks to overcome this challenge by keeping informed on virtual offerings from MCUN and the national trade association.

It’s crucial to keep board members informed and up to date, Hogan says. “Things are changing so fast, and directors need to be aware of the new risks and challenges we’re being exposed to every day.”

Brama believes that without an informed board, she doesn’t have a strong leadership team to hold her accountable and “push me to my full potential to better serve our members and our staff. We’re one team after the same mission, from the board of directors to our front-line staff.”

“It comes down to the CEO’s and the board’s willingness to be strategic and think forward to the future,” Carr says. “Boards can no longer operate as they did 10 or 20 years ago. As new talent comes into the C-suite, we’re seeing inroads being made.”