What is the Credit Review Committee’s purpose?
The Credit Review Committee of the Board of Directors creates, evaluates and recommends changes to loan and collection policies. It is responsible for approving or disapproving loan requests, supporting the Credit Union’s goal to help members maintain a solid financial position.
What are the responsibilities of the committee members?
- General responsibilities include:
- Creating, reviewing and recommending enhancements to lending and collection policies that protect the assets of the Credit Union, improve loan underwriting and collection efforts, and provide maximum benefit to members
- Monitoring Credit Union performance relative to credit and collection efforts
- Reviewing loan applications to ensure approvals are within policy and/or when exceptions to policy are present. All loan decisions must be based on the loan policies established by the board of directors and in compliance with applicable local law(s).
- Ensuring the Credit Union provides financial counseling resources for members regarding the wise use of credit
What is expected of the committee members?
- Carry out duties in good faith
- Attend and actively participate in all committee, board and planning meetings
- Understand the credit union business, particularly in the areas of lending and collections
- Continue education as needed/complete all required training
- Maintain absolute confidentiality
- Remain current on all personal credit obligations with the Credit Union
- Act as an ambassador for the Credit Union, promoting its value within the District
What are the qualifications to serve on the committee?
- Active membership in the Credit Union
- Bondability by the Credit Union's surety bond provider
- A working familiarity with basic finance and accounting practices
- Ability to fulfill the duties of the position
Would you like to volunteer?
To learn more, contact Linda Geers, President/CEO at 312-751-3111 or firstname.lastname@example.org.
If you would like to be considered to serve on the Credit Review Committee, please complete and return this Volunteer Application to the Credit Union office or to any member of the Credit Union's current Board of Directors.
Our Board of Directors also offers volunteer opportunities.
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