1. (1) The supervisory committee shall:

   1. (a) verify that adequate internal controls are established and maintained to safeguard the credit union's assets;
   2. (b) oversee the inspection of securities, cash, and accounts of the credit union;
   3. (c) review credit union operations and monitor its overall financial condition on an ongoing basis;

   4. (d) review the actions of the board of directors, officers, and committees to ensure that the individuals and entities:

      1. (i) exercise firm control over the credit union's affairs;
      2. (ii) understand their role; and
      3. (iii) promote the credit union for its intended purposes;
   5. (e) ensure that the credit union complies with all applicable laws and regulations;
   6. (f) review all new policies and changes to credit union procedures and assess their effects on the safety of members' funds; and
   7. (g) understand, support, and monitor compliance programs related to the Bank Secrecy Act of 1970 and the Money Laundering Control Act of 1986.

Authorizing statute(s): 32-3-403, MCA

Implementing statute(s): 32-3-403, MCA

History: NEW, 2015 MAR p. 2247, Eff. 12/25/15.