Volunteer Board of Directors’ Qualifications
Candidate must be a member in good standing and capable and interested in guiding the growth and stability of a $60+ million dollar credit union. Directors must be honest, unselfish, and act in a manner to benefit the credit union membership. Directors are legally responsible for the management of credit union activities and member funds. Problem-solving abilities and financial and/or managerial experience are also necessary.
A position on the Five Star Federal Credit Union Board of Directors is a volunteer position. The essential qualification is a genuine time commitment.
General Duties and Responsibilities for a Position on the Board of Directors:
• Responsible for general direction and overall control of the credit union
• Assure that the credit union meets all federal and state regulations
• Maintain confidentiality of all credit union members
• Meet educational requirements established by the Board
• Attend and participate in monthly board meetings, Annual Meeting and annual planning session
• Participate on committees as requested by the Board chairman
• Review and approve monthly reports and financial statements
• Complete performance evaluation of the credit union president
• Set pay practices and benefit policies for credit union staff
• Set all policies regarding investments, loans, and shares
• Determine and approval appropriate member services
• Keep abreast of financial and legal issues related to the well-being of the credit union
• Maintain, review, and update credit union bylaws
Approximate Time Requirements:
• Two hours per month at board meeting held on Wednesdays at 5:00 p.m. Meetings take place at our Maiden Choice office; currently, they are also shared online using Zoom (subject to change).
• Occasional special meetings
• Occasional committee meetings
• Annual Meeting (evening)
• One evening or Saturday for annual Board/employee planning session
• Term of office will be two (2) years
If you’re interested in applying for a position on our volunteer Board of Directors, please complete and return this biographical statement by February 7, 2023.
Five Star of Maryland Federal Credit Union is a member-owned credit union whose purpose is to provide premier individualized and accessible service. Through our “People Helping People” philosophy, we continuously strive to offer innovative services while maintaining financial strength and stability.