In
the matter of
Annual Review of Policies and Operations/
Issued and entered this 10th day of June 2005
By Linda A. Watters, Commissioner
The purpose of this bulletin is to identify policies and operational areas the Board of Directors must review at least annually as part of its charge to operate the credit union safely and soundly in accordance with Sections 342(2) and 342(3)(n) of the Michigan Credit Union Act, 2003 PA 215 as amended, MCL 490.342(2) and 490.342(3).
All
policies and operational areas do not have to be reviewed at the same meeting;
however, each area should be reviewed at least annually.
The results of these reviews shall be recorded in the minutes of the meeting
at which the information was reviewed.
The Board must review at least annually, at a minimum, all of the following:
| a. |
Loan
policies |
| b. |
Investment
policies |
| c. |
Asset-liability
management policy |
| d. |
Liquidity
policy |
| e. |
Capital adequacy
policy |
| f. |
Personnel
policies |
| g. |
Directorship
policy |
| h. |
Bank Secrecy
Act policy |
| i. |
Annual budget |
| j. |
Bond and
insurance coverage |
| k. |
Financial
institution depository designations |
| l. |
Security,
membership, and investment officers |
| m. |
All committee
designations and membership |
| n. |
Any other
policies or items of business deemed necessary by the Board of Directors |
Any
questions regarding this bulletin should be directed to:
Office of Financial
and Insurance Services
Credit
Union Division
611
West Ottawa Street
P.O. Box 30220
Lansing,
Michigan 48909-7720
Phone:
(517) 373-6930
Toll
Free: (877) 999-6442
Signed:Linda A.
Watters,Commissioner of Financial and Insurance Services
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