Legislative Committee: Responsible for advising the Board of Directors on Federal and State legislation and local issues which may affect the well-being of the Credit Union. Also responsible for monitoring the position of the Board on legislative proposals and communicating that position at National, State and Local to the Chapter, League and CUNA meetings that deal with legislative activities. May be called upon to respond quickly to legislators on behalf of the Credit Union. The Committee assists the Board of Directors and staff in implementing and monitoring a National and Statewide Virginia Political and Legislative Action Network Plan.
Asset Liability Management: Responsible for executing, administering and reporting on Asset Liability Management to the Board. Also responsible for monitoring Regional, National, and International economic/political conditions. Liquidity position, and Loan Delinquency are monitored. In addition, the committee monitors Key Financial Ratios, Analyzes Pricing Strategies and Products and reviews Select Financial Reports monthly and/or quarterly as well as taking appropriate corrective action.
Governance Committee: Responsible for ongoing review and recommendations to enhance the quality and future viability of the Board of Directors. Responsible for addressing and enabling strategic leadership. The committee is responsible for Board Roles and Responsibilities, Board Composition, Board Knowledge, Board Effectiveness and Board Leadership.
Building Facilities Committee: Responsible for providing information and making recommendations to the Board of Directors about the alteration, construction and allocation of all real property and physical facilities owned or leased by the Credit Union. It shall be concerned about such matters as Administrative space, Operations space, Branch offices, ATM locations and other real property owned or leased by the Credit Union. They shall review and make recommendations on Annual Capital Expenditures Budget for facilities. Review and make recommendations on the Facilities Plan developed by management. Assure that a comprehensive study is conducted every five years on the use, renovation and need for space and equipment relevant to Credit Union activities and operations.
Supervisory and Audit Committee: Responsible for the Credit Union’s financial reporting and internal operating controls. The committee shall have full and complete access to all Credit Union activities, records, property and personnel relevant to the performance of its duties and will be given the resources necessary to discharge its responsibilities. The committee shall oversee the external audit coverage to include nomination of the independent public accountants, monitor all audit results, review accounting policies and policy decisions. The responsibility of the committee in the area of corporate governance is to provide assurance that the Credit Union is in reasonable compliance with pertinent laws and regulations, is conducting its affairs ethically and is maintaining effective controls against conflict of interest and fraud.
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