RCW 31.12.335
Supervisory committee—Duties.
(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.
[ 2019 c 19 § 3; 2017 c 61 § 8; 2001 c 83 § 11; 1997 c 397 § 23. Prior: 1994 c 256 § 82; 1994 c 92 § 192; 1984 c 31 § 35.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Structure Revised Code of Washington
Title 31 - Miscellaneous Loan Agencies
Chapter 31.12 - Washington State Credit Union Act.
31.12.003 - Findings—Intent—1997 c 397.
31.12.015 - Declaration of policy.
31.12.025 - Use of words in name.
31.12.035 - Application for permission to organize—Approval.
31.12.055 - Manner of organizing—Articles of incorporation—Submission to director.
31.12.065 - Bylaws—Submission to director.
31.12.075 - Approval, denial of proposed credit union—Appeal.
31.12.085 - Filing upon approval—Fee—Notice to director—Authority to commence business.
31.12.105 - Amendment to articles of incorporation—Approval of director—Procedure.
31.12.115 - Amendment to bylaws—Approval of director required—Procedure.
31.12.185 - Annual membership meetings.
31.12.195 - Special membership meetings.
31.12.225 - Board of directors—Election of directors—Terms—Vacancies—Meetings—Rules.
31.12.235 - Directors—Qualifications—Operating officers and employees may serve.
31.12.251 - Removal of directors—No quorum.
31.12.255 - Board of directors—Powers and duties.
31.12.267 - Officials—Fiduciary duty—Information relied on—Definition.
31.12.269 - Directors and committee members—Limitations on personal liability—Exceptions.
31.12.285 - Suspension of members of board or supervisory committee by board—For cause.
31.12.335 - Supervisory committee—Duties.
31.12.365 - Directors and supervisory committee members—Compensation—Reimbursement—Rules.
31.12.367 - Risk—Bond coverage—Notice to director—Timing.
31.12.372 - Director may suspend any person, reason—Notice—Injunctions.
31.12.382 - Limitation on membership.
31.12.386 - Voting rights—Methods—Proxy—Under eighteen years of age.
31.12.388 - Expulsion of member—Challenge—Share and deposit accounts.
31.12.404 - Additional powers—Authority of director.
31.12.413 - Low-income credit unions—Director's approval required—Powers—Rules.
31.12.426 - Loans—Secured or unsecured loans.
31.12.428 - Limit on loan amount.
31.12.436 - Investment of funds—When investment later becomes impermissible.
31.12.438 - Investment in real property or leasehold interests—Limitations—Rules.
31.12.467 - Merger or conversion of federal, out-of-state, or foreign to state credit union.
31.12.474 - Liquidation—Disposition of unclaimed funds.
31.12.516 - Powers of director.
31.12.518 - Powers of director under chapter 19.144 RCW.
31.12.545 - Examinations and investigations—Reports—Access to records—Oaths—Subpoenas.
31.12.565 - Examination reports and specified other information confidential—Exceptions—Penalty.
31.12.567 - Reports—Financial and statistical data—As required by director.
31.12.569 - Generally accepted accounting principles.
31.12.571 - Notice of intent to establish branch—Another state or foreign jurisdiction.
31.12.575 - Removal or prohibition orders—Director's authority—Notice.
31.12.580 - Contents of notice under RCW 31.12.575—Hearing—Order.
31.12.585 - Prohibited acts—Notice—Cease and desist order.
31.12.595 - Temporary cease and desist order—Notice—Principal place of business—Superior court.
31.12.625 - Administrative hearing—Procedures.
31.12.630 - Authority of director to call special meeting of board.
31.12.633 - Authority of director to attend meetings of the board.
31.12.637 - Intervention by director—Conditions.
31.12.641 - Supervision by director—Notice—Compliance—Costs.
31.12.644 - Supervision by director—Certain acts prohibited.
31.12.647 - Supervision by director—Credit union request for review.
31.12.651 - Conservator—Authorized actions—Costs.
31.12.654 - Actions by conservator—Review.
31.12.657 - Lawsuits during period of conservatorship.
31.12.661 - Conservator serves until purposes are accomplished.
31.12.667 - Order directing involuntary liquidation—Procedure.
31.12.671 - Receivership—Appointment of receiver by director—Notice—Act without bond.
31.12.677 - Powers and duties of receiver.
31.12.681 - Claims against credit union in receivership—Notice.
31.12.687 - Expenses incurred by receiver.
31.12.691 - Liquidation dividends—Approval of court.
31.12.694 - Remaining assets—Distribution.
31.12.697 - Unclaimed liquidation dividends.
31.12.701 - Personal property—Receiver's duties.
31.12.704 - Proceeds of sale—Deposit or payment by receiver.
31.12.707 - Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
31.12.711 - Director may terminate receivership—Expenses.
31.12.714 - Receivership files.
31.12.721 - Appointment by court of temporary receiver—Notice to director.
31.12.724 - Actions that are void—Felonious conduct—Penalties.
31.12.728 - Applicability of general receivership law.
31.12.850 - Prohibited acts—Criminal penalties.
31.12.853 - Prohibited acts—Civil penalties—Rules.
31.12.860 - Taxation of credit unions.
31.12.890 - Satellite facilities.
31.12.891 - Automated teller machines and night depositories security.
31.12.906 - Effective date—1997 c 397.
31.12.909 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.