Credit unions serve their members by offering financial services that enhance life. From checking accounts to mortgage loans, these services range from checking to mortgage loan rates. Many credit unions also provide education and outreach to members while supporting communities through volunteer efforts and fundraising events. Credit unions can be found across every state as well as on military bases worldwide and provide savings accounts, checking accounts, credit cards loans insurance products along with investment accounts – among others!
A credit union should appoint a board of directors to govern its business affairs and funds, which may consist of at least five persons elected from its membership. The board shall appoint one chairman, one president, vice-presidents or vice presidents, secretary and treasurer as members are chosen for elections by ballot; some members may hold multiple offices simultaneously according to its bylaws.
The board of directors may expel from a credit union any member who fails to fulfill his/her obligations to it, has been convicted of criminal behavior or exhibits unsuitable behavior or habits for membership. They shall provide notice in writing of such charges against him/her as well as an opportunity for hearing prior to expulsion.
SS 6.2-1313. Powers of the Commission in cases of violation of law, orders noncompliance, insufficient reserves and approaching insolvency; Appointment of receiver.
In the event that a credit union fails to abide by this chapter, upon providing written notice thereof to that credit union and after giving proper consultation with its members and directors, the Commissioner may appoint a conservator who shall assume charge and operate it until further action by the Commission has been taken. When appointed, such conservator will become assignee of all assets held by such credit union. Furthermore, the Commissioner may require its board of directors file an annual report which includes certain information.