wpe2.jpg (5962 bytes)

wpe2.jpg (6600 bytes)
Internet Credit Union Training
Serving industry professionals since 1998

 

Home


Excerpts
Below are excerpts taken from the
Internet Credit Union Training facility

...the supervisory committee is responsible for determining that appropriate changes have been made to address any concerns raised during an audit. It’s the committee’s role to follow up with management on making the appropriate changes and reporting the effects of these changes to the board of directors.

...the board is accountable for developing a business plan that outlines the mission, goals and objectives for the credit union. Management is accountable for the implementation of the activities necessary to satisfy the business plan. And, the supervisory committee is responsible for monitoring the progress of the entire planning process.

...in many ways, two surprise cash counts during the year can have more influence over daily operations than an entire audit that was planned.

...today, the myth about credit unions is that they are becoming banks because they are growing in assets, assessing fees to members, owning buildings with drive-up service and offering real estate loans. The fact is, credit unions are different from banks in one only aspect. Its members own credit unions and banks are owned by their stockholders.

...every credit union or potential credit union in the world has access to resources through the World Council of Credit Unions (WOCCU). WOCCU is a trade association with headquarters in Madison, Wisconsin, USA. It provides mostly credit union developmental services to nations in need of the credit union system. There are approximately 100 countries with 36,000 credit unions serving 100,000,000 members belonging to the World Council of Credit Unions.

...we define planning as the process of identifying a series of events that should occur sometime in the future.

...there is a direct correlation between the strategic planning process and organizational structure. The higher level positions within a structure will have more influence in developing vision, mission and goals. The lower level positions will have more influence in developing objectives, policies and procedures.

...the credit committee’s purpose is to assure membership fair access to members’ deposits in the form of loans.

...one of the committee’s tasks is to implement the policies established by the board of directors. As committee members it’s important that each review the loan policy and continually evaluate its content in relation to fairness for the members and soundness for the credit union.

...allocating resources to education reflects the commitment the credit union is willing to make to its employees and the future success of the organization.

...a business plan with no accountability is no business plan at all. Peter Drucker, a contemporary management writer, introduced this concept of MBO or management by objectives.

...it is this reserve structure that enables an organization to protect itself from unforeseen losses as a result of adverse circumstances.

...because there is a direct correlation between the level of reserves a financial institution maintains and those organizations that become insolvent, it is imperative credit unions recognize the need for operating with a surplus and
make a commitment toward maintaining adequate reserves before paying dividends.

...asset and liability management (ALM) is a process that allows credit unions to effectively manage the gap between the maturities of assets and the maturities of liabilities & equity.

...The internal controls of a credit union must be comprehensive enough to provide protection for every aspect of the credit union. At a minimum, internal controls must be established for its human resources, financial resources, information, facilities and operation.

...Michael E. Porter, a modern day strategy theorist, believes that an internal force drives everyone. A mission statement gives an organization an opportunity to help shape the internal forces that drive the way its employees will work.

 

WARNING: This ICUT Website Facility has a 1998 copyright by ICUT Services, P.O. Box 115, Marion, CT 06444 USA. Unauthorized reproduction of this website or its contents is prohibited by federal law and subject to criminal prosecution.

Send mail to cu@cuSchool.com with questions or comments about this web site.
Copyright © 2008 ICUT Services
Last modified: November 10, 2008