Executive Summary
Compare, for a moment, credit unions and professional sports teams. Both are fueled by competition, differentiation, and consumer interest. Like credit unions, professional sports teams are managed and governed by a select group of leaders. These executives won’t be found on the field of play, yet their roles are arguably the most critical for the long-term health of the team. When a team underperforms, leaders shake up the governance structure and insert new personnel.Credit unions don’t track wins or losses as a performance measure. However, they are held accountable for their own success. A credit union’s board serves as the defender of the credit union mission. Most boards take full responsibility for their role as stewards of the members’ interests and the organization’s strategy. Just like in sports, if a credit union isn’t delivering on its value proposition, the board has the power to inject new people, processes, and protocol. Good boards should hold themselves accountable in the same way.