regulatory and compliance issues and considerations

performed by boards of directors. This includes but is not limited to the
following:
(a) Directing the affairs of the credit union in accordance with the Act,
these bylaws, the rules and regulations and sound business practices.
(b) Establishing programs to achieve the purposes of this credit union as
stated in Article I, Section 2, of these bylaws.
(c) Establishing a loan collection program and authorizing the charge off of
uncollectible loans.
(d) Establishing a policy to address training for newly elected and
incumbent directors and volunteer officials, in areas such as ethics
and fiduciary responsibility, regulatory compliance, and accounting
and determining that all persons appointed or elected by this credit
union to any position requiring the receipt, payment or custody of
money or other property of this credit union, or in its custody or
control as collateral or otherwise, are properly bonded in accordance
with the Act and regulations.
(e) Performing additional acts and exercising additional powers as
may be required or authorized by applicable law.
2. Insurance, Bonds, Coverages and that Little Matter Called FIRREA
a. Is the Credit Union Covered?
b. What Coverages are out there?
c. What about third party incidents? (Example: Heartland)
d. Do we broker and compare coverages?
e. Do we obtain bids?
f. Does a qualified Broker Advise us?
g. Is Credit Union Management and Its Board Covered?
h. What have we told the Board? Is it Accurate? What is a
“misrepresentation?”
Not Intended to Depict any Governmental Agency or Regulator (Any
Similarity is Merely Coincidental):
Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved.
Revised February 2010
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