(1) The supervisory committee shall:

(a) verify that adequate internal controls are established and maintained to safeguard the credit union's assets;

(b) oversee the inspection of securities, cash, and accounts of the credit union;

(c) review credit union operations and monitor its overall financial condition on an ongoing basis;

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

(i) exercise firm control over the credit union's affairs;

(ii) understand their role; and

(iii) promote the credit union for its intended purposes;

(e) ensure that the credit union complies with all applicable laws and regulations;

(f) review all new policies and changes to credit union procedures and assess their effects on the safety of members' funds; and

(g) understand, support, and monitor compliance programs related to the Bank Secrecy Act of 1970 and the Money Laundering Control Act of 1986.

History: 32-3-403, MCA; IMP, 32-3-403, MCA; NEW, 2015 MAR p. 2247, Eff. 12/25/15.