Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
(1) The supervisory committee of a credit union shall:
(a) Keep informed as to the financial condition of the credit union and the decisions of the credit union's board;
(b) Perform or arrange for:
(i) A complete annual audit of the credit union; and
(ii) A verification of its members' accounts at least once every two years, and shall provide any related findings and recommendations from such audits and verifications to the board;
(c) Provide an annual report to members at each annual membership meeting;
(d) Perform or arrange for additional audits as requested by the board or management or as deemed necessary by the supervisory committee and provide any related findings and recommendations to management or the board as deemed appropriate by the supervisory committee;
(e) Monitor the implementation of management responses to material adverse findings in audits and regulatory examinations;
(f) Implement a process for the supervisory committee to receive and respond to whistleblower complaints; and
(g) Perform any additional duties as specified by the board or in the credit union's bylaws.
(2) The supervisory committee may in its sole discretion retain, at the credit union's expense, independent counsel or other professional advisors or consultants as necessary to perform the duties under this section.
Cite this article: FindLaw.com - Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.12.335. Supervisory committee--Duties - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-31-miscellaneous-loan-agencies/wa-rev-code-31-12-335/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)