Your credit union is overseen by a Board of Directors, all of whom are members like you, and all are volunteers. They are elected by you (the membership) each year to represent your interests and ensure the financial soundness of the credit union. They meet officially once each month (and more often if circumstances require it) and at least get together one weekend each year to discuss market strategies and long-range plans. The Board must report to the membership at the annual meeting every March.
The specific responsibilities of the Board include: Setting credit union policy; planning the forward direction of the credit union; selecting, hiring and overseeing the performance of the CEO; and appointing the members of the Supervisory Committee. If you would like more information about the Board or are interested in becoming an active credit union volunteer, please just eMail or write to Reach Credit Union, P.O. Box 3449, Redwood City, CA 94064-3449.
Members of the Supervisory Committee are appointed by the Board of Directors for a term of one year.
Like the Directors, Supervisory Committee members are members who volunteer their time.
The Supervisory Committee is the watchdog of the Credit Union. It is responsible for ensuring members'
funds are protected and that the Board and officers are acting in the best interest of the members.
The Committee must conduct an audit at least annually.
Some of the things the Committee does include: Verifying loan documentation, auditing accounting entries, conducting surprise cash audits and ensuring compliance with various regulations and laws. While members are encouraged to direct inquiries about credit union policy, accounts and/or other routine business to the CEO or credit union employees, members may elect to contact the Supervisory Committee directly if they believe the credit union is in violation of a financial regulation or a Federal law by emailing the Committee at SC@ReachCU.Coop. If you would like more information about the Supervisory Committee or are interested in volunteering please eMail us or write to P. O. Box 3449, Redwood City, CA 94064-3449.