The role of the Committee

The 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 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.

2022 – the year of slow return to ‘normalcy’.

In 2022 many businesses began to reopen to the public, but COVID-19 continued to be a risk to all. The credit union branches at the OAS and National Geographic opened slowly, allowing members to visit with no appointment. However, many members, having had to interact with us electronically for such a long time, continued to do so. Therefore, the Credit Union made more efforts to streamline both remote and in-person access to services further. Additional staff was hired specifically to address the member’s needs. 2022 was a year of changes that will enhance the service level our members expect. Renovations at both branches started with the goal of providing a welcoming place for members, as well as the space and equipment necessary for efficient remote and in-office work. In 2023 we expect to have updated to offices that better meet our members’ needs.

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 timely.

Internal controls and verification procedures

During 2022 the Committee continued to be involved and vigilant in the remote as well as on-site operations of the Credit Union. 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 2022 most of the laws enacted the year before to assist persons who had been affected by the pandemic were curtailed. However, the Credit Union continued to communicate with members to help minimize loss and delinquency during the year. To the extent that our services depend more on electronic technologies, the Credit Union continued the vigilance on transactions and verification 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 ensuring a safe environment for the membership. Additionally, we will continue to focus efforts to follow up on regulations related to BSA compliance, internal controls, information security, and fraud prevention and to provide a safe environment for OAS FCU’S membership.

Special thanks

Finally, we would like to thank our members for the patience shown during these past three years of the pandemic, as well as the staff of our Credit Union for the continued effort made in 2022