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Board of Directors Responsibility Quiz
Last Reviewed: October, 2017

Listed below are action statements. Who in the credit union organization has the authority for making decisions for each of these actions?

Review each question and determine if one or more of the following are involved and use their code to identify your choice for each statement:

B

Board of Directors

M

Management

S/C

Supervisory Committee

Mbr

Member

C/C

Credit Committee and/or
Loan Officer

S

Staff, other than management

  1. To set the interest/dividend rate to be paid on member 5-year term deposit savings.

___________

  1. To write a job description for the position of loan officer.

___________

  1. To change a rule of the credit union by-law to increase the number of directors serving on the board.

___________

  1. To adopt an objective of the credit union for active participation in community affairs.

___________

  1. To dissolve the operations of the credit union.

___________

  1. To issue cash to a member wishing to withdraw part of his savings.

___________

  1. To approve a salary schedule for a new staff position for the credit union.

___________

  1. To hire an employee to fill that new position.

___________

  1. To elect a board member to a three year term of office.

___________

  1. To adopt a budget.

___________

  1. To develop guidelines for office procedures related to filing and storage of credit union records.

___________

  1. To evaluate the over-all performance of the credit unions operations.

___________

  1. To authorize the introduction of checking accounts as a new service for the members.

___________

  1. To release the security when the member has made his final repayment on a loan secured by a chattel mortgage.

___________

  1. To set the office procedures to be followed by effecting security on a loan.

___________

  1. To determine where to establish new credit union branches in an effort to better serve a scattered membership.

___________

  1. To interview a member making an application for a loan.

___________

  1. To terminate an employee for poor performance.

___________

  1. To establish the credit unions mission statement.

___________

Answer Key

WHO DOES WHAT?

The following questions require you to decide who is responsible for the actions taken. Review each question and determine if one or more of the following are involved.

B

Board of Directors

M

Management

S/C

Supervisory Committee

Mbr

Member

C/C

Credit Committee and/or
Loan Officer

S

Staff, other than management

  1. Dictates policy for the credit union.

___________

  1. Sets pay ranges for all employees.

___________

  1. Determines vacation schedule for staff.

___________

  1. Reviews and approves loans.

___________

  1. Posts over-the-counter deposits to member’s accounts.

___________

  1. Approves By-law changes.

___________

  1. Appoints member to the credit committee.

___________

  1. Oversees actions of external audit.

___________

  1. Suspends board/credit committee members.

___________

  1. Opens a new account for a member.

___________

  1. Performs member account verification.

___________

  1. Establishes procedures for implementing loan policies.

___________

  1. Approves purchases of new computer system.

___________

  1. Sets loan limits for the credit union.

___________

  1. Insures adequate internal controls are being followed.

___________

  1. Approves a loan to another credit union or institution.

___________

  1. Approves credit union budget.

___________

  1. Votes at Annual Meeting.

___________

  1. Must be a member of the credit union to serve.

___________

  1. Hires a new loan officer.

___________

  1. Hires a new manager.

___________

  1. Markets the credit unions services.

___________

Answer Key
 
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