Credit Committee Roles

  • Review applications for loans and make decisions upon such applications within the authority delegated to the committee. All loan decisions must be based on the loan policies established by the board of directors and in compliance with applicable local law(s);
  • Meet not less frequently than monthly and more frequently by the volume of business referred to the credit committee for decision or review;
  • Provide financial counselling to members in the wise use of credit;
  • Act upon the request of a member with respect to amendment of the terms of a loan provided that such amendment falls within the loan pol-icy;
  • Give preference to the smaller loan applications if the need and credit factors are equal should adequate funds not be available to meet all loan demand;
  • Review credit union loan and collection policies along with performance, recommend changes to the policies to improve loan underwriting and collection efforts;
  • Evaluate the credit union’s lending performance annually and compare it to past periods by re-viewing a breakdown of the number and dollar amount of loans outstanding by purpose and collateral, total number and amount of loans approved and declined, the total number of borrowers, the ratio of borrowers to members, the average loan size, the delinquent loans to total loan ratio and the net charge off/average loan average;
  • Prepare and present a report at the AGM summarizing the loan activities of the year;


 

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