MCCU Annual Report - page 118

Credit Committee
The Credit Committee shall be elected at the Annual General Meeting of the Credit
Union. The committee has overall responsibility for the Loan Portfolio and Credit
Administration of the Organization, guided by the Credit Policy approved by the Board
of Directors. The functions of the Credit Committee include:
Studying and implementing the Credit Policy of the Organization.
Recommending amendments to the Credit Policy, where necessary.
Evaluation and decision making on member loan requests
Conducting interviews with loan applicants where required
Determining the adequacy of security for loans
Ensuring that delinquency is effectively controlled through the committee’s evaluation
and approval of loans.
Supervisory Committee
The Supervisory Committee shall be elected at the Annual General Meeting of the
Credit Union and shall consist of not less than three members, none of whom shall be
members of the Board of Directors or Credit Committee or Loan Officer or Employee.
The Supervisory Committee is charged with the responsibility of being the Internal
Audit Committee of the Credit Union for and on behalf of the members. The main
functions of the committee include:
Determining compliance with the Rules of the Credit Union, the Co-operative Societies
Act and Regulations, the rules of the League and the Bank of Jamaica (Credit Unions)
Regulations, when enacted.
Ensuring that no irregular or unauthorized transactions are carried out by either
employees or volunteers or any parties connected to these persons.
Checking on the Credit Union’s Credit Administration to ensure that delinquency is kept
under control and that securities are adequately endorsed in the Credit Union’s favour.
Evaluating whether the policies and procedures established by the Board of Directors
are documented and adhered to.
Ascertaining whether the established systems of internal control provide reasonable
assurance to the members that the assets of the Credit Union are adequately protected
to ensure safeguards against errors, carelessness and fraud.
Evaluating the Credit Union’s compliance with applicable legislation and making
recommendations to the Board of Directors where necessary.
Receive and investigate any complaint made by any member affecting the proper
running of the Credit Union.
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