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Can you summarize MTAR 2.59.415?
Credit Unions > DUTIES OF THE SUPERVISORY COMMITTEE
Short Summary
This provision outlines the duties of the supervisory committee in credit unions. The supervisory committee is responsible for verifying internal controls, overseeing inspections of securities and accounts, reviewing credit union operations and financial condition, and ensuring compliance with laws and regulations. They also review the actions of the board of directors, officers, and committees to ensure firm control and understanding of their roles. Additionally, the supervisory committee assesses the effects of new policies and changes to procedures on the safety of members’ funds and monitors compliance programs related to the Bank Secrecy Act and the Money Laundering Control Act.
Whom does it apply to?
Supervisory committees of credit unions
What does it govern?
Supervisory committee duties in credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Montana