Financial services are getting more complex every day. Changing balance sheets, new regulations, and member expectations are increasing the pressure on volunteers and managers to guide credit unions through troubled waters. In fact, NCUA recently proposed a new rule impacting the requirements for supervisory committee audits. The supervisory committee (SC) plays a unique role as the members’ watch dog. They are also specifically tasked with confirming the credit union is protecting member assets, following all applicable rules and regulations, resolving certain member complaints, and safeguarding against self-dealing and fraud.
Your membership relies on the supervisory committee’s training, experience, and watchful eye to protect their interests. Little do they appreciate the subtle dynamics that take place behind closed doors. Today’s SC members understand the healthy tension which must exist between their functions and those of the board and management. Usually there are few issues. But what happens when something goes wrong? Is your committee structured to weather a storm? What happens when relationships deteriorate, or key players can’t reach a decision? Can closer examination scrutiny be far behind? The presenter is an SC member and credit union attorney. Join us to learn the traits of a healthy supervisory committee and methods to ensure full regulatory compliance with your duties.
- Regulatory responsibilities of the supervisory committee
- Review of proposed audit rule changes
- Supervisory committee examination guidance
- Enhancing board/supervisory committee communications
- Identifying and avoiding common supervisory committee landmines
- Five traits of an outstanding committee
- TAKE-AWAY TOOLKIT
- Supervisory committee audit examination questionnaire
- SC audit guidance and best practices worksheet
- NCUA Supervisory Committee Guide for Federal Credit Unions
- Employee training log
- NEW: Interactive Quiz to measure staff learning
WHO SHOULD ATTEND?
This session is designed for supervisory committees, directors, volunteers, senior executives, compliance staff, internal auditors, and anyone involved with volunteers or credit union governance.
SPEAKER: David A. Reed, Reed & Jolly, PLLC
Attorney, author, consultant, and nationally-recognized speaker, David Reed is a partner in the law firm of Reed & Jolly, PLLC. He provides guidance to financial institutions on establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters, and corporate governance. His engaging speaking style has made him a nationwide lecturer on regulatory compliance, consumer lending, bankruptcy, and collections.
A former trial attorney and vice president and general counsel of a large credit union, David is particularly known as an expert in the areas of operations, bankruptcy, and collections. He has trained state and federal examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third-party contract management, and bankruptcy. He also serves as editor of several industry manuals.