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Financial services are getting more complex every day. Changing balance sheets, new regulations, and member expectations are increasing the pressure on volunteers and managers to guide credit unions through troubled waters. In fact, NCUA recently proposed a new rule impacting the requirements for supervisory committee audits. The supervisory committee (SC) plays a unique role as the members’ watch dog. They are also specifically tasked with confirming the credit union is protecting member assets, following all applicable rules and regulations, resolving certain member complaints, and safeguarding against self-dealing and fraud.
Your membership relies on the supervisory committee’s training, experience, and watchful eye to protect their interests. Little do they appreciate the subtle dynamics that take place behind closed doors. Today’s SC members understand the healthy tension which must exist between their functions and those of the board and management. Usually there are few issues. But what happens when something goes wrong? Is your committee structured to weather a storm? What happens when relationships deteriorate, or key players can’t reach a decision? Can closer examination scrutiny be far behind? The presenter is an SC member and credit union attorney. Join us to learn the traits of a healthy supervisory committee and methods to ensure full regulatory compliance with your duties.
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