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SUPERVISORY COMMITTEE DUTIES & RESPONSIBILITIES

The Supervisory Committee of a Cooperative credit Union is appointed by the Board to:
  • Act as the overseer of the credit union to protect and safeguard member assets
  • Ensure that records are maintained properly, honestly and accurately
  • Make sure that policies are established according to law and carried out faithfully
  • Check to see that proper internal controls are in place
  • Ensure that members receive the best possible service
Who can be a Supervisory Committee Member?
  • Must be a member of the credit union
  • Must be bondable by the credit union’s surety bond company
  • Cannot be related to any credit union employee
Who cannot be a Supervisory Committee Member?
  • Loan Officer
  • Membership Officer
  • Treasurer / Assistant Treasurer
  • Secretary of the Board of Directors
 How Does Someone Become a Supervisory Committee Member?
  • The committee is appointed by the Board of Directors
  • The number of committee members should not be less than three or more than five
  • Terms are for one, two or three years
  • All terms must be for the same number of years
  • Committee members elect a chairperson and secretary
Major Duties
  • Make recommendations to Board based on findings of auditor and examiner
  • Conduct the annual audit/hire auditor
  • Verification of accounts every two years
  • Present report at annual meeting
Ongoing Duties
  • Review minutes of Board and credit committee meetings
  • Surprise cash counts
  • Randomly review loans with special attention to large loans, staff and volunteer loans and loans to inside parties. Recalculate expected interest from loans, investments and member deposits
  • Review data change list (non-financial transaction report)
  • Review closed account report and member insurance payments
  • Review reconcilement of credit union accounts
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