California Financial Code ARTICLE 4 - Supervisory Committee

• Section 14550.
  Every credit union shall have a supervisory committee of at least three persons, provided that the number of members on the committee is an odd...
• Section 14551.
  The supervisory committee may:(a) Suspend at any time by unanimous vote, at a meeting called for that purpose, the credit committee, or any member thereof, or...
• Section 14551.5.
  The supervisory committee shall be responsible for reviewing the credit union’s policies and control procedures to safeguard against fraud and self-dealing, and the supervisory committee...
• Section 14552.
  The supervisory committee shall, within seven days after suspension of any or all members of the credit committee, or any member of the board of...
• Section 14553.
  (a) The supervisory committee shall at least once each year make or cause to be made an audit of the books and records and an examination...
• Section 14554.
  No member of the supervisory committee shall serve as a member of the credit committee, as the credit manager, as a member of the board...
• Section 14555.
  The commissioner may, after investigation and finding that the supervisory committee is not performing in conformance with this article, declare all offices of the supervisory...
• Section 14556.
  (a) The board of directors may, by resolution, establish an audit committee in lieu of a supervisory committee. An audit committee that meets all the requirements...

Last modified: October 22, 2018