Board Volunteers

Seeking Candidates for Board & Committee positions
Would you like to help make a vibrant difference in the general direction of Los Angeles Federal Credit Union? If so, then consider volunteering as a member of our Board of Directors, Credit Committee or Supervisory Committee. The Board has the ultimate responsibility for the control and continued solvency of LAFCU, and our committees review loans and audits. An important consideration and qualification for a position is the willingness to volunteer time to serve LAFCU and its members. We continue to be financially secure, due in part to the caring and knowledgeable Board and Committee members.

Since 1936, LAFCU has been governed by a nine-member volunteer Board elected by credit union members. Each term is three years and every year, three board terms expire. Committee members are also appointed annually by the Board for one or two-year terms. The nominating committee seeks candidates among the members of the credit union who may be interested in serving on the Board or a Committee. Current board members are permitted to run for reelection and current committee members may seek reappointment.

Eligibility
To run for a board or committee position, you must:

• Have a “Primary” Share Savings account at LAFCU with at least $5 on deposit.
• Be age 16 or over.
• Be bondable through LAFCU’s bond (insurance) provider.
• Have not caused a financial loss to LAFCU.
• Have not been convicted of a felony or any criminal offense involving dishonesty or breach of fiduciary duty/trust.

Meeting requirements
Attendance is required at regular board meetings, normally held on the third Thursday evening of each month beginning at 4:00 pm at the LAFCU headquarters in Glendale, CA, and/or video live video-conference.

Typically, these are dinner meetings that last about three hours. Committee members must also attend monthly or more frequent meetings during business hours. Volunteers also represent LAFCU at designated events at various times.

Compensation
Federal law states that credit union board and committee members are not authorized to receive compensation for their services.

Associate Director Position

LAFCU is accepting applications for Associate Directors to serve ONE-year terms with our experienced Board of Directors. This non-voting position, appointed by our Board, provides an opportunity for interested members to learn about the board process and gain an educational background on the internal policies and procedures of LAFCU.

Each applicant must complete and submit the Associate Director application which will remain on file for one year after receipt in case an opening becomes available. The application can be found by searching “Associate” in the “Ask a Question” search field on our website. Each applicant must have been a LAFCU member for at least ONE year prior to filling out the application, must remain a member in good standing for their term, and must abide by LAFCU’s policies and Code of Conduct.

Resumes and letters of interest will remain on file for two years, in case there is a vacancy. Members may also be nominated by petition. More information concerning this process is available by EMAIL

LAFCU bylaws provide that an election will not be conducted by ballot when there is only one nominee for each position to be filled. In the event there are more nominees than vacancies, an election will commence the next January. The results of the election will be announced at the next LAFCU annual meeting, scheduled the last Tuesday of March at a to-be-determined location.

Leadership

Los Angeles Federal Credit Union is led by a voluntary Board of Directors as opposed to a paid board of directors at a bank. Our volunteer officials are nominated and elected by and from the credit union membership. The board establishes the strategic plan of the credit union and oversees general operations on behalf of the members. These responsibilities include:

• Approving policies and programs that guide the credit union
• Planning for the current and future needs of members
• Ensuring the application of sound business practices
• Maintaining the financial stability of the credit union

Board of Directors
The Board is elected by the members, and each director serves for a three-year term. The Board meets monthly and is responsible for setting the direction for and controlling the credit union.

Executive Management
The Board hires a President/CEO to manage the day-to-day operation of the credit union, then the President/CEO oversees the hiring of professional staff. LAFCU’s executive team are leaders who have been in the credit union industry many years.

Supervisory Committee
This committee, appointed by our Board, meets then audits or hires audit professionals to at least annually audit the books and records of LAFCU and to verify the accounts of the members.

Credit Committee
This committee, appointed by our Board, is responsible for appointing loan officers, setting the limits of delegation, and reviewing appeals and a sample of loans not approved by loan officers.

Annual Meeting
The Annual Meeting of members is held on the fourth Tuesday of March at 4:00pm. All members are welcome to attend and meet the leadership of LAFCU and receive the Annual Report. The meeting is held at our Glendale corporate office at 300 South Glendale Avenue and/or via live video conference. To attend, call (877) 695-2328 ext. 6309.

Board meeting minutes and financial statements are also available for members to review by contacting us. Financial statements are also posted in every branch.

To contact our leadership directly, Email: PRESIDENT/CEO or Board of Directors. 

VIEW ANNUAL REPORT