HARRISBURG, Penn. - State regulators have approved a request by NBA CU to reduce its board size from 11 to nine directors and to eliminate its supervisory committee, as volunteers are growing harder to come by.
“We feel that hiring an outside auditor is much more efficient,” Maxine Kunyczka, president of the $40 million credit union, said of the board’s decision to scrap the supervisory committee. Under state law, the credit union can opt for an opinion audit every 12 months in lieu of having a supervisory committee, she added.
The NBA, which stands for National Business Association, the credit union’s chief sponsor, was having difficulty finding qualified volunteers to serve on the supervisory committee. “It really is very hard to get good volunteers and to keep them,” said Kunyczka.
The same dilemma led the credit union to reduce the size of its board. “We just had a hard time filling all the seats. Nine we can always fill,” she said.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
