2.59.415 DUTIES OF THE SUPERVISORY COMMITTEE
(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.