The role of the Committee

The Supervisory Committee is mandated by the Federal Credit Union Act to oversee all activities for the membership. In this context, it inspects the credit union’s records for accuracy, its assets for availability, security, and integrity, and its procedures for the proper handling and use of funds, and internal controls compliance. It makes certain that annual audits are conducted, that their findings are submitted to the Board of Directors, and that appropriate changes are implemented. The Committee also watches members’ accounts verifications, responds to their complaints and coordinates with management orientation sessions on different issues such as identity theft, fraud, etc.

 

2021 – the year the pandemic did not end.

The new year started with such hopes that the pandemic would finally end. However, the COVID-19 Omicron variant continued to limit services in all areas. The window in the ATM room at the OAS Branch, which had been installed to provide services to members without the need to access the closed OAS building became the lifeline for the operations that required in-person service. 2021 was another difficult year, but we are again proud that we provided the services our members expect.

 

Auditors’ and examiners’ reports

The Committee ensured that the required external audits (financial, IT, electronic payments, compliance, and others) were conducted on schedule. Additionally, the required internal audits were also conducted.

 

Internal controls and verification procedures

During 2021 the Committee continued to be involved and vigilant in the remote operations of the Credit Union, as well as the limited on-site activities. It responded to the issues and complaints members voiced via the web and, with the help of the Internal Auditor, conducted surprise tellers’ cash counts. The Committee assigned additional random monthly audits to the Internal Auditor to assert that internal controls are working and to verify procedures, compliance, and improvements in the quality of services to our members.

 

Keeping up with regulatory changes

In 2021 most of the laws enacted the year before to assist persons who had been affected by the pandemic continued in force, and the Credit Union extended the programs that had been implemented for this purpose. Engaged communication with members helped minimize loss and delinquency during the year. To the extent that our services depend more on electronic technologies, the Credit Union expanded the vigilance on transactions and verifications, and sent frequent and practical reminders to members on how to detect fraudsters. The Supervisory Committee will continue to do its utmost in fulfilling the entrusted mandate by the Federal Credit Union Act to ensure that we provide a safe environment to the membership. Additionally, we will continue to focus efforts to follow up on regulations related to BSA compliance, internal controls, and fraud prevention.

 

Special thanks

Finally, we would like to thank our members for the patience they have shown during this second year of the pandemic as well as the staff of our Credit Union for the continued efforts made in 2021.