People Managing Your Credit Union
The Board of Directors for your credit union consists of seven members elected for a three-year term. The elected board has the general direction and control of the affairs of this credit union. The board meets monthly and is responsible for performing all the duties customarily done by boards of directors. This includes but is not limited to: Directing the affairs of the credit union in accordance with regulations and sound business practices. Establishing programs to achieve the purposes of this credit union. Establishing lending policies. Establishing policies to address training for directors and volunteer officials in areas such as ethics and fiduciary responsibility, regulatory compliance, and accounting. Ensuring that staff and volunteers are properly bonded in accordance with the Act and regulations. Performing additional acts and exercising additional powers as required or authorized by applicable law and regulation including establishing a supervisory committee and appointing a loan officer.
The Loan Officer must review the character and financial condition of the applicant and their surety, if any. The loan officer will ascertain the applicant’s ability to fully and promptly repay the loan. Where appropriate, the loan officer can provide, or refer applicants to, financial counseling assistance. Loan terms and rates must comply with applicable law and regulations and within the lending policies the board has established.
The Supervisory Committee safeguards member assets by ensuring that the credit union is operating properly. It has broad oversight authority to hold a credit union’s board of directors and senior management accountable for fulfilling their responsibilities in the interests of the credit union’s members and for operating according to sound business, ethical, and regulatory standards. The supervisory committee prefoms, or arranges for audits, and prepares and submits the written reports required by the Act and regulations. The supervisory committee is required to independently verify or cause the verification of credit union members’ accounts once every two years.
The Office Management in their respective roles identify, measure, monitor, and control the risks of a credit union’s daily activities and operates the credit union in a safe, sound, and efficient manner in compliance with applicable laws, rules, regulations and policies established by the Board of Directors and management. Our front-line employees interact directly with members and play an important role in ensuring that the credit union functions efficiently and correctly to ensure that the financial activities and all personal information of members are handled in a secure and prudent manner. All staff receive adequate training in insuring proper security procedures.
The Scholarship Committee is responsible to review and select applicants who applied and received recommendations from faculty and staff of the Plattsburgh City School District. This scholarship awarded annually at graduation was established in memory of Frank A. Paro, a former district administrator and city leader. We acknowledge Frank’s contributions as founder of this credit union and his unselfish dedication to credit unions in the North Country. Applications for this scholarship is on the district website and through the Guidance Department.