The Extra 30

By Michael E. Fryzel, NCUA Board Member

The NCUA Report is published by the National Credit Union Administration,
775 Duke Street, Alexandria, VA 22314-3428
There is a wealth of good ideas, innovative thinking and unique approaches out there in the credit union system. I enjoy hearing from CEOs, employees and directors about things they are doing at their credit unions to help them learn more about financial services issues and better serve their members.

As an NCUA Board Member, I have had the opportunity to visit credit unions across the country, and it has been one of the most enjoyable aspects of the position. These meetings allow me to learn from the people who are in the trenches every day helping others with their financial needs. When I listen to them, I am told what is working and what credit unions must do to continue as the premier financial services industry in the country.

Recently, when visiting a credit union, I heard an excellent idea on helping board members better understand the many aspects of the financial services world. I call the idea “the extra 30.”

Each month, prior to their board meeting, directors arrive at the credit union 30 minutes early. Those extra 30 minutes are then spent listening, asking questions and learning about one specific topic that will help them do their jobs better.

The range of subjects covered during the extra 30 minutes can be anything from the value of passbook accounts to asset liability management. It can even be a discussion on an NCUA regulation or the benefits of derivatives.

The extra 30 sessions should be concise, plain English presentations that provide solid information on a particular subject. The session should leave the participants knowing a little more than they knew before and eager for what is to come at the next session.

Education is something you never get enough of. Every day I find myself saying, “I didn’t know that.” Some people may think they know everything, but those of us who don’t, know that they don’t either.

Director education is one of the most important functions of a credit union. The people entrusted with fiduciary responsibility need to know what their credit union is doing and what they are voting to approve when making decisions. Credit unions must continue to provide directors with the opportunity to understand and become familiar with the many aspects of our ever changing financial world. The first step in achieving that goal is to make education easy, available and understandable.

What better way to begin than with just an extra 30?

Michael Fryzel

Michael Fryzel

Michael Fryzel is the former Chairman of the National Credit Union Administration and is now a financial services consultant and government affairs attorney in Chicago. He can be reached at ... Details