One of the challenges credit unions face is finding volunteers to serve on the supervisory committee, and then providing them effective tools and training so they feel comfortable with their oversight role. Many of you have dedicated committee members who pass their knowledge and process on to successors. But, what if you don’t have a strong process in place? Or, what if your turnover is too frequent to have any fully trained committee members available?
NCUA has a short YouTube Supervisory Committee Training series available at no charge for training. It includes the topics of
- Monitoring Management Activities;
- Verification of Member Accounts; and
- Handling Member Complaints.
In addition, NCUA recently proposed changes to the Supervisory Committee Audit Rule. Federally insured credit unions may soon see the replacement of the current optional audit procedure described in the Supervisory Committee Guide* with a targeted list of minimum procedures contained in a new Appendix A. The proposal also suggests eliminating the current 120-day time limit for receiving a third-party audit report and gives credit unions the ability to negotiate a delivery date.
I would love to hear your methods on handling turnover on this committee. If you have resources or training materials you rely on, please let me know. A stronger credit union system benefits all credit unions!
*While still the agency’s primary resource for supervisory committee members, the guide was last updated in December 1999.