WFC Classic: Corporate Governance in Credit Unions: What Matters Most to NCUA
Summary
Host Mark is joined by former NCUA officials Todd Miller and Steve Farr to discuss credit union corporate governance. They define governance as corporate culture, emphasizing board diversity, ethical standards, and proactive risk management. The episode highlights FDIC resources as superior to NCUA’s current guidance and details key board responsibilities, including strategic planning, oversight, and compensation structures.
Topics discussed
Introduction and guest backgrounds
Defining corporate governance and culture
Ethical standards and board accountability
NCUA regulatory changes and modest means
Resources for credit union directors
FDIC proposed guidance on governance
Board composition and diversity
Sponsor segment: Union Exam Solutions
Setting the tone and corporate culture
Strategic planning and risk management
Policy approval and review cycles
Code of ethics and fraud prevention
Holding management accountable
Director training and self-assessment
Compensation and succession planning
Three lines of defense and ERM
Conclusion and show notes
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