The scope of authority and regulatory responsibilities of the Supervisory Committee are established in the Federal Credit Union Act, the Rules and Regulations of the National Credit Union Administration, and the bylaws of the credit union.
The Supervisory Committee is responsible for ensuring that the Board and management establish practices and procedures to properly safeguard members' assets. In addition, the Committee is responsible for the annual financial statement audit from a licensed, independent auditor.
In accordance with the Federal Credit Union Act, the Supervisory Committee is comprised of volunteers appointed by the Board of Directors from among the members of the credit union, and functions completely independent of credit union management. The Supervisory Committee also serves as an alternative channel of contact from the Board of Directors for members and regulators with material safety and soundness concerns. The Committee is responsible for investigating complaints not resolved to their satisfaction by management.
Key Responsibilities Include: