What is a Credit Union?

The Credit Union is an organisation run for people, not for profit. Any surplus income generated is either returned to members by way of a dividend on your savings or a rebate of interest paid on your loan, and / or is directed to improved or additional services required by the members. The Credit Union exists only to serve its members. When you save with the credit union you contribute to your credit unions loan fund – in effect by saving you are helping other members – members like you.

Credit Union Policies and Procedures

The Credit Union Act states that “Subject to law and these rules the board of directors shall have responsibility for the general control, direction and management of the credit union and the functions of the board of directors shall include the following”:

(i) lending policies including lending limits;

(ii) policies in relation to members’ shares and deposits including the setting of a maximum number of shares a member can hold and a maximum amount that a member may deposit;

(iii) liquidity management policies;

(iv) reserve management policies;

(v) investment policies;

(vi) the designating of depositories for the funds of the credit union and signatories to cheques, drafts or similar documents drawn on the credit union;

(vii) standards of conduct and ethical behaviour for officers;

(viii) remuneration policies and practices;

(ix) compliance plan and policies;

(x) records management policies;

(xi) information systems and management information policies;

(xii) business continuity plan;

(xiii) asset and liability management policies;

(xiv) outsourcing policies;

(xv) risk management policy;

(xvi) conflicts of interest policy;

(xvii) such other matters as the Bank may prescribe;

Policies and Procedures in Credit Unions

We work with credit unions on many of these policies, relating to Information Systems, Asset Management, Information Security, Change Management.

Andrews Duffy will review and provide recommendations on how to improve your credit union’s internal Information Technology control processes, corporate governance for good Board functioning and risk management.

(xi) information systems and management information policies;

(xii) business continuity plan;

(xiv) outsourcing policies;

(xv) risk management policy;

If you are interested in our services, please contact us.