Federal Credit Union Act — Supervisory Committee Duties (12 U.S.C. § 1761d)
This is the actual federal statute behind your committee's job, not just NCUA's regulation. It's where the annual audit, the periodic member account verification, and your committee's power to suspend an officer or call a special members' meeting come from.
12 CFR Part 715 is NCUA’s regulation implementing this law, but the supervisory committee’s existence and its core powers trace back to the statute itself. Section 1761 of the Federal Credit Union Act establishes the supervisory committee as one of the bodies — alongside the board of directors, and a credit committee where the bylaws provide for one — that manage a federal credit union.
Section 1761d, linked here, is where the committee’s specific duties are spelled out: the annual audit and report to the board, verification of member accounts and passbooks against the treasurer’s records at least once every two years, and — by unanimous vote — the authority to suspend an officer or director, or to call a special membership meeting, if the committee finds a serious problem. It reads like old statutory language because it is; NCUA’s regulations and guides translate it into current practice, but the legal authority sits here.
This section applies to federal credit unions chartered under this Act. If your credit union is state-chartered, your state’s credit union act is the equivalent starting point instead.
This is not legal, accounting, or compliance advice. Verify against the official source and your own professional advisors.