Supervisory Committee Report

The Work of the Supervisory Committee

The Board of Directors of OAS FCU entrusts the Supervisory Committee with several critical responsibilities, including:

  • Ensuring that Credit Union management reports faithfully and accurately on the financial condition of OAS FCU.
  • Verifying that policies, procedures, and practices of the Credit Union are effective in protecting the assets of our members.

To fulfill this mandate, we apply a robust set of oversight and assurance mechanisms designed to ensure that OAS FCU operates as a sound, efficient, and compliant financial institution. Our work supports the Board and management in achieving their goals and reflects our stewardship on behalf of every member of the Credit Union. We do this by:

  • Evaluating the adequacy and effectiveness of internal controls, recommending improvements and monitoring their implementation.
  • Tracking the adoption and execution of solutions that address audit findings.
  • Offering advice on the development of practices that align with industry standards and future supervisory needs.

 

 Our Role in 2025

In 2025, the Supervisory Committee continued to fulfill its oversight responsibilities while expanding its role to address the evolving needs of the Credit Union. Our core activities included:

  • Ensuring that all audit recommendations from external auditors and federal regulators were thoroughly reviewed and implemented in a timely manner, in close coordination with management and the Internal Audit & Control Specialist.
  • Conducting monthly surprise cash counts at both Credit Union offices and ATMs.
  • Following up on member complaints submitted through the website, and via emails.
  • Reviewing internal controls using a risk-based framework.
  • Overseeing compliance with the Bank Secrecy Act, the PATRIOT Act, and other required regulations by confirming adherence to Board-approved policies as mandated by NCUA and other regulatory agencies.

 

 Strengthening Internal Audit and Risk Management

Working together with the Internal Audit & Control Specialist and the Interim Chief Operating Officer, the Committee played an active role in reviewing past audit findings to confirm that corrective actions were effectively implemented and documented. This effort established a more proactive audit culture, one emphasizing prevention, responsiveness, and resilience.

In alignment with our strategic priorities, we expanded our use of a risk-based oversight framework, enabling us to:

  • Better identify and mitigate emerging risks across operational areas through more frequent and targeted internal reviews.
  • Support financial stability and sustainable growth as the Credit Union develops new services and expands its reach.
  • Collaborate with the internal auditor to assess and strengthen internal controls that anticipate future regulatory, technological, and economic changes.

This evolving approach allows the Supervisory Committee and Internal Audit & Control Specialist to jointly anticipate vulnerabilities such as operational breakdowns, weak policies, procedures, or cybersecurity threats, while reinforcing OAS FCU’s longstanding commitment to regulatory compliance, ethical governance, and member protection.

 

Reflections of 2025 and Transition to 2026

Throughout the year, the Supervisory Committee remained focused on upholding operational transparency and member protection. The Committee oversaw all mandatory audits, including those related to IT systems, electronic payments, regulatory compliance, the SAFE Act, the Unlawful Internet Gambling Enforcement Act (UIGEA), the Bank Secrecy Act (BSA), and ACH systems. We diligently followed up on all audit and examination recommendations to ensure timely resolution and sustained compliance, documenting the progress of each corrective action.

In response to the continued expansion of online services, we verified that management and staff implemented enhanced fraud prevention measures to safeguard member assets.

 

Looking Ahead: 2026 and Beyond

As we look forward, the Supervisory Committee remains committed to its role as guardian of the Credit Union’s integrity and protector of member interests. With continued support from the internal audit function and executive leadership, we aim to:

  • Improve the member complaint management process to provide clearer, more efficient communication between members and the Supervisory Committee.
  • Monitor how new technologies and service models are integrated while safeguarding member assets.
  • Recommend additional controls and safeguards to ensure the institution stays up to date with all regulatory changes, and anticipate fraud schemes, potential security breaches and negative impact on reputational risk.
  • Ensure that OAS FCU’s policies and practices continue to reflect the principles of inclusion, transparency, and accountability.

By embracing a risk-based, forward-looking approach, we will help ensure that OAS FCU remains financially stable and operationally resilient while continuing to find new ways to serve members and welcome new ones into our community. 

 

A Warm Thank You

We extend our heartfelt appreciation to:

  • Our members, for the trust you continue to place in this institution.
  • The Board and management, for their ongoing collaboration and commitment to excellence.
  • The staff of OAS FCU, whose adaptability and dedication have enabled us to navigate a time of transformation while upholding our shared mission.

The Supervisory Committee is honored to serve and remain steadfast in its oversight and advocacy on behalf of the membership. Together, we enter the future with confidence, guided by the values upon which this Credit Union was founded.