The members elect a board of directors to manage the organization. It is the board’s responsibility to develop programs and policies that conform to the needs of the members — while still protecting the safety and soundness of the organization.
The board hires a CEO\Manager to run the day-to-day operations of the credit union. It is the CEO’s responsibility to ensure that all employees: properly serve our members; implement board policies; comply with all state and federal regulations; and ensure that that credit union operates in a “safe and sound” manner.
The board appoints one or more loan officers for each branch. It is the loan officers responsibility to review all loan applications and approve or disapprove each application in accordance with established lending guidelines. These guidelines are established by the board of directors and the NCUA. The lending guidelines attempt to find a balance between the needs of the borrower and the needs of the saving member (protection from excessive losses due to loan default).
The board also appoints a supervisory committee. It is their responsibility to ensure that all facets of operations are being performed in the proper manner through comprehensive annual audits. Every two years, they must also perform a verification of each member’s account.
Federal credit unions, like ours, are members of a nationwide system which was established by the Federal Credit Union Act of 1934. We are chartered and supervised by the National Credit Union Administration (NCUA). The NCUA also performs annual examinations in order to ensure full compliance with all federal laws and regulations.
As a federal credit union, each members savings is federally insured to at least $250,000.00 and backed by the full faith and credit of the United States Government.