Board requirements:
• Consists of three members, who are broadly representative of the public interest, appointed by the president, by and with the advice and consent of the Senate
• In appointing the members of the board, the president shall designate the chairman
• Not more than two members of the board shall be members of the same political party
• Not more than one member of the board may be appointed to the board from among individuals who, at the time of the appointment, are or have recently been involved with any insured credit union as a committee member, director, officer, employee or other institution-affiliated party
• The term of office of each member of the board shall be six years; board members shall not be appointed to succeed themselves, except members appointed to fill unexpired terms may be reappointed for a full six-year term; any board member may continue to serve after the expiration of their term until a successor has qualified
Board member requirements:
• In considering appointments to the board, the president shall give consideration to individuals who, by virtue of their education, training or experience relating to a broad range of financial services, financial services regulation or financial policy, are especially qualified to serve on the board