Seeking Candidates for 2019
F&A Federal Credit Union is seeking candidates to fill three open seats on its Board of Directors. An election for the seats will be conducted by mail and the results will be announced at the 83rd Annual Meeting held on Saturday, March 16, 2019.
To serve on the Board of Directors, candidates:
- Must be at least 18 years of age.
- Must be an F&A Federal Credit Union member in good standing. (Maintaining at least the minimum balance in a Regular Share Account and must never have caused the credit union a financial loss.)
- Must never have been convicted of a crime involving dishonesty or breach of trust.
- May not be employees of F&A Federal Credit Union (nor may they be candidates for the election to the Board).
- May not be relatives of F&A Federal Credit Union employees (these individuals are not eligible for the Board of Directors, nor may they be candidates for election to the Board). The definition of relatives for election purposes is the same as the definition regarding F&A membership.
A good credit rating is preferred, as well as a dedication and commitment to F&A and to the principles of the credit union movement.
TO BECOME A CANDIDATE
There are two ways eligible members may become a candidate for election to the Board:
- By completing an Application for Board of Directors form and submitting it to the Nominating Committee, or
- By Petition (see below). There will be no nominations accepted from the floor during the Annual Meeting.
Ballots will be sent out by February 13, 2019. To vote, you must fill out the ballot and return it in the envelope provided so it is received by March 8, 2019.
Every member in good standing at least 16 years of age as of December 14, 2018 is eligible to vote.
Note - if there is only one candidate per open position, there will be no formal election.
NOMINATIONS BY PETITION
To run for the Board of Directors by petition, candidates must submit Official Petition forms to the Election Committee signed by eligible voting members of the Credit Union. The Credit Union will provide Official Petition forms.
The total number of signatures submitted must be at least one-half of one percent (0.50%) of the total number of members eligible to vote.
Petitioners must affirm in writing that they meet all candidate qualifications. This affirmation of qualifications must be submitted to the Election Committee before receiving petition forms from the Credit Union.
DUTIES AND RESPONSIBILITIES
The Board of Directors establishes the operating policies of the Credit Union and employs the President/CEO to carry out those policies. The Board maintains the general direction and control of the Credit Union in accordance with the Federal Credit Union Act, the NCUA rules and regulations, and the bylaws of the Credit Union. In the absence of appropriate rules and regulations, the Board is expected to act prudently and exercise sound business practice.
The Board must maintain the financial integrity of the Credit Union, ensuring there are adequate reserves for payment of dividends, expenses, and loan losses. The Board must also protect the integrity of Credit Union assets through the establishment of policies.
Board members serve at least eight evening hours monthly, including regular Board and committee meetings. Candidates should also expect to attend select educational meetings and seminars, read published materials provided by the Credit Union in order to learn the responsibilities of their positions and keep current with developments in the credit union industry. In general, candidates should plan to spend at least 200 hours annually in their positions.
Board members volunteer their services and may be subject to additional requirements on certain types of loans.
Helpful skills and background: business procedures, the ability to read a financial statement, management, human resources and budgeting.
TO OBTAIN OFFICIAL FORMS
The Application for Board of Directors, Official Petition, and Statement of Affirmation may be obtained from F&A Federal Credit Union and returned by mail to:
Attention: Application for Board of Directors
F&A Federal Credit Union
PO Box 30831
Los Angeles, CA 90030-0831
Board of Directors - December 5, 2018
Supervisory Committee - December 14, 2018