Credit Unions

ORS 723.322
Duties of supervisory committee

  • verification of member accounts
  • rules


The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the audit to the board of directors and the Director of the Department of Consumer and Business Services and a summary of that report to the members at the next annual meeting of the credit union. It shall make or cause to be made such supplementary audits or examinations as it deems necessary or as are required by the director or by the board of directors, and submit reports of these supplementary audits to the board of directors.


The supervisory committee shall cause the accounts of the members to be verified with the records of the credit union from time to time in accordance with subsection (3) of this section. This verification shall be done not less frequently than every two years.


Verification of members’ accounts shall be made using either of the following methods:


A controlled verification of 100 percent of members’ share and loan accounts; or


A controlled random statistical sampling method in accordance with rules that the director may prescribe.


Records of accounts verified shall be maintained and retained until the next verification of members’ accounts is completed. [1975 c.652 §39; 1991 c.635 §10]
Chapter 723

Atty. Gen. Opinions

Political contributions by savings and loan association or a credit union, (1974) Vol 37, p 144; depositing deferred salaries of state employes in state-chartered credit unions, (1977) Vol 38, p 911; authority of state chartered credit unions to enlarge membership to include governmental units participating in deferred compensation plans, (1977) Vol 38, p 1188


Last accessed
Jun. 26, 2021