Bulletin No. 2005-03-CU

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