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Credit union association board of directors term limit extensions proposed

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The board of directors at the Pennsylvania Credit Union Association could have a little more time in their seats, because the group has proposed extending director term limits.

Currently the nine directors on the association’s board have imposed limits of three terms of three years. The new term limits would rise to four terms of three years.

“I think the thought was that there is so much to learn about what the association does, it could take someone years to learn it all,” said Michael Wishnow, association spokesman. “And just when they’re getting up to speed, they hit their term limit.”

The form of the board last changed around 2005, when there were 23 members and no term limits, Wishnow said. Two members already hit their term limits and are now off the board, and two more are due to hit their term limits soon, Wishnow said.

The association introduced the bylaw change at its annual meeting in May. Voting ballots have been distributed and are due July 7.

The all-volunteer board comprises of three representatives from credit unions with up to $30 million in assets, three whose assets are greater than $30 million but less than $100 million, and three from credit unions with more than $100 million in assets.

The only midstate representation on the current board is Paul Wagner, who is president and CEO of Hershey Federal Credit Union.

Michael Sadowski

Michael Sadowski

Mike Sadowski covers Lebanon County, banking and finance, law and the legal community, and technology. Have a tip or question for him? Email him at michaels@cpbj.com. Follow him on Twitter, @MikeCPBJ. Circle Michael Sadowski on .

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