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Credit Committee
- The function of the Credit Committee is a very important one within the credit union. It will affect the financial soundness of the credit union if sufficient care and time is not given to ensuring careful and diligent consideration is not given to all lending decisions.
- The ideal number of members for the Credit Committee is between three and six people.
- The Credit Committee meets once a week to consider loan applications from members.
- The Committee ensure that the credit union is acting in the best interest of the members and is not being unduly restrictive or in any way discriminatory
- The Credit Committee also provides guidance and information to the Board of Directors regarding lending policies and procedures
- The FSA's Rules for Approved Persons must be complied with.
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