ORNL FCU 75 Years

THE ORNL FCU BOARD AND ITS COMMITTEES

The National Credit Union Association (NCUA) requires federal credit unions to be overseen by a board of directors and a supervisory committee.

A board of directors is responsible for the general direction and control of ORNL FCU. It is tasked with the role of governance of the credit union. Because it represents the collective will of its members, the board strives to promote the members’ best interests. While the board may delegate operational functions to management or another committee, it remains solely responsible for the general health and well-being of the credit union. As with all credit unions, a supervisory committee is responsible for ensuring both the board of directors and management meet required financial reporting objectives and establish practices and procedures that will safeguard member assets. Essentially, this committee serves as the watchdog of the credit union. An executive committee is empowered by authorization of the ORNL FCU Board of Directors to act on behalf of the board of directors. The committee provides oversight to policy, monitors investment activity, recommends policy changes, and monitors regulatory compliance in investment matters and in general as it relates to asset liability requirements. A legislative and volunteer committee keeps the board of directors informed of current and future legislation and regulations affecting credit unions, recommends any action needed, and stays actively involved in the political process to promote legislature representation. A volunteer policy and governance committee serves as an interface for the credit union’s policies by researching and providing recommendations to fulfill the board’s fiduciary responsibilities more effectively. A nominating committee annually recruits qualified candidates for the board of directors.

1959-1968 UNPRECEDENTED GROWTH | 23