Supervisory Committee Duties and Responsibilities
The Supervisory Committee plays a crucial role in ensuring the financial integrity and operational effectiveness of Hughes Federal Credit Union. This independent committee is responsible for overseeing the credit union’s financial health, internal controls, and regulatory compliance, acting on behalf of the members to safeguard their assets. The mission is to provide superior personalized service and high-quality financial products to our field of membership while maintaining the credit union's long-term financial stability.
The Supervisory Committee’s primary responsibility is to serve in the best interest of the credit union members; through leadership, decision-making, and oversight. The Supervisory Committee additionally supports; the National Credit Union Philosophy of “People Helping People” and “Not for Profit, Not for Charity, but for Service”. To provide a positive difference in our members life, we are committed to support community charities, veteran needs, and organizations that promotes financial literacy.
Key Responsibilities:
1. Financial Oversight & Audit
- Ensure an annual independent audit of the credit union's financial statements is conducted.
- Review audit findings and make recommendations to the Board of Directors for corrective action if needed.
2. Regulatory Compliance & Internal Controls
- Monitor adherence to federal and state regulations, as well as National Credit Union Administration (NCUA) guidelines.
- Ensure policies and procedures align with regulatory requirements and best practices.
3. Member Account Verification
- Ensure periodic required verification of member accounts to confirm the accuracy of balances and transactions.
- Address any discrepancies or concerns raised by members regarding their accounts.
4. Risk Management & Fraud Protection
- Ensure proper safeguards are in place to detect and prevent fraud or conflicts of interest.
- Ensure credit union risk assessments and mitigation strategies are in place.
5. Communication & Reporting
- Provide regular reports to the Board of Directors on audit findings, compliance matters, and recommendations.
- Maintain clear and open communication with auditors, examiners, and regulatory agencies.
6. Ethical & Fiduciary Duty
- Act in the best interest of the credit union members with integrity, objectivity, and confidentiality.
- Remain independent from credit union operations to provide unbiased oversight.
By fulfilling these responsibilities, the Supervisory Committee helps maintain the strength, stability, and trustworthiness of Hughes Federal Credit Union, ensuring members' financial interests are protected.
