Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS
Subchapter 2.59.4 - Credit Unions
Rule 2.59.415 - DUTIES OF THE SUPERVISORY COMMITTEE
Universal Citation: MT Admin Rules 2.59.415
Current through Register Vol. 18, September 20, 2024
(1) The supervisory committee shall:
(a) verify that adequate
internal controls are established and maintained to safeguard the credit
union's assets;
(b) oversee the
inspection of securities, cash, and accounts of the credit union;
(c) review credit union operations and
monitor its overall financial condition on an ongoing basis;
(d) review the actions of the board of
directors, officers, and committees to ensure that the individuals and
entities:
(i) exercise firm control over the
credit union's affairs;
(ii)
understand their role; and
(iii)
promote the credit union for its intended purposes;
(e) ensure that the credit union complies
with all applicable laws and regulations;
(f) review all new policies and changes to
credit union procedures and assess their effects on the safety of members'
funds; and
(g) understand,
support, and monitor compliance programs related to the Bank Secrecy Act of
1970 and the Money Laundering Control Act of 1986.
AUTH: 32-3-403, MCA; IMP: 32-3-403, MCA
Disclaimer: These regulations may not be the most recent version. Montana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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