The Supervisory Committee is appointed by the Board of Directors and is comprised of volunteers who are member-owners of the Credit Union. Its primary function is to serve as the audit committee of the Credit Union, ensuring that it is soundly managed and that member assets are safeguarded. To fulfill its function, the Committee will monitor and evaluate the quality of credit union finances, operations, and decisions.
- Safeguard member assets by initiating ongoing internal and yearly audits.
- Periodically verify teller cash and member account balances.
- Review policies, procedures, and operations.
- Review the minutes of meeting held by the Board of Director and standing committees.
- Evaluate internal controls and financial position.
- Keep abreast of consumer laws and regulations and determine compliance with then.
- Collaborate with regulatory examiners during their reviews/exams.
The Board of Directors appoints a Loan Review Committee consisting of three volunteer members. Each member has a two-year term. The purpose of this committee is to:
- Periodically audit loan applications and loans made to members.
- Ensure that the loan decisions made by Loan Officers are within the boundaries of the law and the loan policies established by the Board of Directors.
Board of Directors
Each member of the seven-member Board of Directors is elected by the membership to serve a three-year term. The Board sets the policy and directs Management in the overall running of the Credit Union.
- Make strategic decisions regarding the course of action of the Credit Union by establishing objectives, formulating policy, approving goals, and programs.
- Set rates on saving and loan products. Establish pricing policy on member services and fees.
- Hire a President/CEO.
- Participate in standing committees as appointed by the Board Chairperson.
- Ensure that the Credit Union meets all federal and state regulations and guidelines.
- Monitor activities of and appointments to the Supervisory Committee.
- Maintain, review, and update the Credit Union bylaws.
- Maintain the confidentiality of all Credit Union business.
- Attend and actively participate in monthly Board meetings, the Annual Meeting, Annual Strategic Planning Session, and occasional training sessions.