SUPERVISORY COMMITTEE POSITION DESCRIPTION
Primary Function: The Supervisory Committee is a voluntary position, responsible for ensuring that the Board of Directors and the management of the credit union a) meet required financial reporting objectives, and b) establish practices and procedures sufficient to safeguard members’ assets. Supervisory Committee terms are for three years each.
Specific Position Duties:
- Conduct required monthly audit verifications.
- Ensure that an annual audit of member accounts is performed annually.
- Review Board packets each month.
- Fulfill yearly educational requirements.
- Read state and federal issues regarding the credit union movement.
Supervisory Committee Volunteer Members:
- Have accounts at the Credit Union that are in good standing.
- Be age 18 or older.
- Must be bondable by the Credit Union’s fidelity bond company.
- Must authorize a criminal background check and credit check.
Complete the Financial Literacy Requirement as required by NCUA and structured by AFCU no later than the twelfth month in office. The Financial Literacy Requirement consists of valuable information on general credit union philosophy and operations, and the course contents are provided by AFCU at no cost to the Committee member.
- Monthly Supervisory Committee meeting – currently held the first Thursday of each month.
- A representative of the Supervisory Committee will attend the Monthly Board meeting.
- Annual meeting of the membership – generally held in April.
AFCU carries Directors’ and Officers’ liability insurance through CUNA Mutual Insurance. This policy protects the Credit Union’s directors, volunteers and employees from liability arising out of their duties performed for the Credit Union. The annual aggregate limit is $10,000,000. A detailed list of insurance coverage is available through the Supervisory Committee.
Each committee member will be asked to review and sign a position description upon the start of each new term.
Consider Applying. Submit a Letter of Intent to:
American First Credit Union
Attention: Nominating Committee
700 N Harbor Blvd.
La Habra, CA 90631
Or call us with any questions about this opportunity at 800-290-1112 ext. 5087
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