| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 10.1 | Discussion in 969 | ROWLET::AINSLEY | Less than 150 kts. is TOO slow! | Tue Jan 23 1996 10:47 | 273 |
| From: WRKSYS::SEILER "Larry Seiler, x223-0588" 23-JAN-1996 09:45:41.08
To: ROWLET::AINSLEY
CC:
Subj: SC minutes for 11-Dec-95 meeting
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
December 11, 1995
GENERAL SESSION
8:40 a.m.
PRESENT: Alan Heintz, via Conference Call
Robert Ketz
William Kilgore
Larry Seiler
Horace Turner
STAFF: Donald Basque, Senior Collector-Collections Department
Carlo Cestra, President/CEO
Tom Gray, Vice President of Lending
Lisa Kendall, Recording Secretary
Michael Moriarty, Internal Auditor
Jim Regan, Vice President/CFO
______________________________________________________
I. ROLL CALL & DETERMINATION OF QUORUM
William Kilgore, new Supervisory Committee member, introduced himself to the
Committee. Mr. Kilgore noted that he has been a DCU member since the credit
union's inception and has been interested in the politics revolving around
the credit union for the past five years. He has been employed by Digital
Equipment Corporation since 1973 and is currently a Principal Software
Engineer of Object Orient Software, working at Digital's Spitbrook Road
facility in Nashua, NH.
The Committee officially welcomed Mr. Kilgore to the Supervisory Committee.
II. MINUTES
Larry Seiler requested that Mr. Melchione's (DCU's General Counsel) fax,
which he sent to Mr. Ketz, be included in front of the "Committee's Response
to Mr. Melchione's Fax" which was attached to the October 16, 1995
Supervisory Committee Minutes. The Committee agreed that this should be
added to add clarity to their response.
The Committee approved the October 16, 1995, Supervisory Committee Minutes as
submitted with the attachment of Mr. Melchione's Fax as noted above.
III. FINANCIALS
Jim Regan, Vice President/CFO, reviewed Financial Graphs for the months of
October & November 1995. He noted the following: (Peer Group figures are as
of June 1995)
- Capital Ratio: Decreased from 9.2% at month end in October to 9.02% at
month end in November. This was primarily due to an increase in Asset
Growth.
- Asset Growth: Increased from 4.7% at month end in October to 7.4% at
month end in November. This increase resulted from approximately $10 million
in Deposit Growth primarily from DCU's new Tiered Rate Money Market Accounts.
- Delinquency Ratio: Decreased from 0.3% at month end in October to 0.22% at
month end in November.
- Net Charge Offs: Remained flat from 0.3% at month end in October to 0.37%
at month end in November.
-Net Income: Decreased slightly from 1.3% at month end in October to 1.27%
at month end in November.
- Expense Ratio: Remained flat at 3.30% at month end in October and
November. DCU's year end budget projection on this item is 3.56%.
It was noted that Peer Group percentage information, which DCU currently
uses, is NCUA's classification of Peer Group. This includes ALL credit
unions in the country which have Assets of $50 million and over. The
Committee requested that an internal analysis be performed on Peer Group
information comparing DCU against only those credit unions which are closest
to DCU's size etc. for better understanding and perspective only.
At 9:00 a.m., Mr. Regan ended his Financial Update and left the meeting.
IV. O'ROURKE CLARK & SACHER
Wade Painter and John Leonard of O'Rourke Clark & Sacher, DCU's External
Auditors, introduced themselves to the Committee. They noted the following:
- Mr. Painter and Mr. Leonard arrived last Monday, December 4, 1995, and
began their Interim Annual Audit work focusing on our Lending Operations.
- DCU had a very solid and strong year of Consumer Loan growth.
- A careful look at our underwriting standards has thus far, showed that
we've maintained the same quality standards on our underwriting.
- DCU has had very professional loan growth, set aside from other credit
unions.
- Regarding Student Loans: There is a bill, pending approval from the
Department of Education, which would remove lenders with less than $5 million
in student loan portfolios from having a Student Loan
Audit performed. This bill will be finalized by June 30, 1996, and until
then, DCU is temporarily exempt from the audit requirment. Mr. Painter
distributed to the Committee a NAFCUgram on Student Loan
Audits.
- So far, our Annual Audit is going fine and everything looks good. O'Rourke
Clark & Sacher will also look at our presence on the Internet including
safety and security issues.
Mr. Painter reviewed some new FASB's currently in force:
FASB #115: Accounting for Certain Investments in Debt and Equity Securities:
This went into effect last year. From November 15, 1995 to December 31,
1995, Financial Institutions may reposition their investment portfolios if
needed.
FASB #122: Accounting for Mortgage Servicing Rights: Credit Unions can now
recognize the value of the mortgage servicing retained as an Asset for 1996.
This allows for consistent treatment for servicing the portfolio. (DCU
started servicing mortgage loans in May 1993). Recognition is only required
if the amount would be material to the Financial Statements.
FASB #116: Accounting for Contributions: If it's material, were now required
to book it.
At 9:25 a.m., Mr. Painter and Mr. Leonard ended their update and left the
meeting.
V. COLLECTIONS DEPARTMENT OVERVIEW
Tom Gray, Vice President of Lending, presented the Collections Department
overview. Donald Basque, Senior Collector, was also present. Mr. Gray
showed several overheads explaining each in detail. The overheads included:
- Causes of Delinquencies
- Roll of the Collections Department
- Flow Chart of who works in Collections (titles)
- Roll of the Bankruptcy Specialist
- Roll of the Legal Charge Off Specialist
- Flow Chart of the Collection Process
- Civil Action Procedures
Mr. Gray noted that DCU has very low delinquencies and charge offs primarily
because of our underwriting criteria, our employees who keep up with
delinquent accounts, and with the membership at large.
X
X
X ..... Mr. Gray also noted that the Collections Department also serves as a
Financial Advisor to members helping them to 1) create a budget and help them
get back on their feet, 2) offers suggestions to members on how they can
protect their credit during a divorce, during times of unemployment, etc. and
3) works with all members who have delinquent loans on a case by case basis
to save our mission, noting that as a credit union, this is something we
should be doing. Credit agencies work on pure volume only, but are used in
some instances.
Mr. Basque noted that most members are loyal to DCU, but just go through
rough times for a period of time when they've lost their future income.
At 9:55 a.m., The Committee thanked Mr. Gray and Mr. Basque for their
presentation. Mr. Gray and Mr. Basque left the meeting.
VI. INTERNAL AUDITING POLICY & PLAN
Mr. Heintz reviewed three minor changes which the Board requested be made
during the last Board of Directors Meeting in November 1995. Ms. Kendall
will make the noted changes which will be submitted for Board Ratification at
the December 1995 Board Meeting.
Mr. Heintz reviewed his update which he made to the Board during the October
1995 Board Meeting.
Mr. Heintz and Mr. Cestra noted that they had no questions or concerns
regarding Mr. Moriarty's Internal Auditing Plan for 1996.
At 10:15 a.m., the Committee took a five-minute break. Mr. Cestra left the
meeting. Mr. Heintz disconnected via Conference Call.
VII. INTERNAL AUDITOR
1996 Internal Auditing Plan:
Mr. Moriarty reviewed all sections of the 1996 Internal Auditing Plan which
included:
- Internal Controls, Compliance, Operations, and Fraud
- Audit Procedure Frequency Summary (Daily, Monthly, Quarterly, and Annual
procedures)
- Hourly Estimated Time Allocation
- Summary Audit Plan (By Area of Coverage)
- First, Second, Third and Fourth Quarter Internal Audit Schedule
The Committee requested that the Auditing Assistant receive more allocated
hours of training during 1996.
Mr. Moriarty agreed to re-examine the Auditing Assistant's training
allocation.
The Committee asked various questions regarding the Auditing Plan and noted
that they feel very good about the 1996 Internal Auditing Plan.
Proposed NCUA Regulation:
To be discussed during the next scheduled Supervisory Committee Meeting.
November 1995 Internal Auditors Report to CEO:
Mr. Moriarty reviewed this monthly report.
The Committee requested that Mr. Moriarty forward this monthly report to the
Committee prior to its distribution in the monthly Board Package. Mr.
Moriarty agreed to this.
VIII. OTHER DISCUSSION ITEMS
Annual Audit:
It was noted that Steve Nearman, CPA of Nearman, Orth, Chakler & Associates,
CPA's, would like to be included as a possible candidate when the Committee
goes out for bids to conduct future DCU Annual Audits.
1996 Scheduled Supervisory Committee Meetings:
January 15, 1996 8:30 a.m. - 12:00 p.m.
March 18, 1996 8:30 a.m. - 12:00 p.m.
May 13, 1996 8:30 a.m. - 12:00 p.m.
July 15, 1996 8:30 a.m. - 12:00 p.m.
Supervisory Committee Attendance at BOD Meetings:
January 22, 1996 Bob Ketz
February 26, 1996 Larry Seiler
Marych 25, 1996 Bill Kilgore
April 22, 1996 Horace Turner
(Continued)
May Strategic Planning Conference
June 24, 1996 Bob Ketz
July 22, 1996 Larry Seiler
Supervisory Committee Minutes:
The Committee discussed and decided that future Supervisory Committee Meeting
Minutes will be made available at all branches, the Information Center as
well as through Digital's Notes File for members to review/request copies of.
At each Supervisory Committee Meeting, the Committee will approve the
previous meetings' minutes and any redactions to be made, if any, to those
minutes.
IX. ADJOURNMENT
11:25 a.m.
*It was moved by Mr. Ketz and seconded by Mr. Turner to adjourn today's
meeting. Motion Carried Unanimously.
___________________________________
Robert Ketz
Supervisory Committee Chairman
|
| 10.2 | Discussion in 988 | WRKSYS::SEILER | Larry Seiler | Tue Apr 02 1996 17:58 | 160 |
|
Supervisory Committee Minutes
for January 15th regular meeting
and February 16th executive session
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
January 15, 1996
GENERAL SESSION
8:40 a.m.
PRESENT: Alan Heintz, via Conference Call
Robert Ketz, Chairman
William Kilgore
Larry Seiler, Committee Secretary
Horace Turner, via Conference Call
STAFF: Lisa Kendall, Recording Secretary
Michael Moriarty, Internal Auditor
Jim Regan, Vice President/CFO
_________________________________________________
I. ROLL CALL & DETERMINATION OF QUORUM
II. REVIEW OF MINUTES (12/11/95)
The Committee reviewed and approved the December 11, 1995, Committee minutes
noting minor redactions to be made. ALL IN FAVOR.
The Committee previously agreed that (redacted) Supervisory Committee
Minutes, beginning in January 1996, would be made available for DCU members
through Digital's Notes File, All DCU Branches as well as through DCU's
Information Center. Discussion took place regarding possible requests for
prior meeting minutes and it was decided that these requests will be handled
and reviewed individually and as time allows during scheduled Supervisory
Committee Meetings.
III. FINANCIALS
(Redacted with the understanding that the Board of Directors include this
information in their published minutes.)
IV. ELECTRONIC BANKING CONTROLS
Michael Moriarty, Internal Auditor, gave an overview to the Committee on
Electronic Banking Controls. Mr. Moriarty distributed a handout outlining
the PC Branch/Electronic Banking - Hardware Map, Features, Controls, and
Options.
PC Branch is DCU's On-Line Electronic Banking System that will feature the
following options and will be available 24-hours a day seven days a week
beginning in February 1996:
- Balance Information
- Detailed Transaction History
- Transactions
- DCU News & Information
- E-Mail
- Optional Bill Payer Service (Provided by VPS: Vendor
Payment Services)
Mr. Moriarty discussed, with the Committee, various security issues and
controls regarding the PC Branch as well as with the optional Bill Payer
Service option provided by our vendor, VPS (Vendor Payment Services.)
The Committee posed several questions which Mr. Moriarty answered and
explained.
V. INTERNAL AUDITOR
a) December 1995, CEO Report
Mr. Moriarty reviewed this report in detail.
b) 1996 Internal Audit Plan Approval
The Committee reviewed the minor change requested during the December
meeting.
It was motioned by Mr. Turner and seconded by Mr. Heintz to approve the 1996
Internal Audit Plan as submitted. ALL IN FAVOR.
c) Proposed NCUA Regulation
The Committee reviewed the proposed NCUA Regulations and noted that the
proposed regulations expand and clarify the ones currently in force.
The new proposed regulations do mention Supervisory Committee involvement
with future plans of the credit union. Mr. Ketz will discuss the issue of
Supervisory Committee members being present during future Annual Strategic
Planning Conferences which currently only Board Members and Management
attend.
It was also noted that a copy of these Proposed NCUA Regulations will be
distributed to all Board Members during next week's scheduled Board Meeting.
NCUA's comment period on these proposed regulations end on February 18,
1996.
VI. NEW BUSINESS
Mr. Seiler noted that over the past several months, he has noticed that the
Board of Directors' Meeting Minutes have not been as detailed as they once
were. Mr. Seiler noted this as a personal observation as he tries to attend
all scheduled Board Meetings.
Mr. Turner noted that he will be unavailable at the next scheduled
Supervisory Committee Meeting on
March 18, 1996.
VII. ADJOURNMENT
It was moved by Mr. Ketz and seconded by Mr. Seiler to adjourn today's
meeting at 10:50 a.m. ALL IN FAVOR.
__________________________________
Robert Ketz
Supervisory Committee Chairman
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
February 16, 1996
EXECUTIVE SESSION
Present: Bob Ketz, Chairman
Bill Kilgore
Horace Turner
Larry Seiler
Absent: Alan Heintz
SUBJECT: The Role of the Supervisory Committee
RESULTS: Summary Statement submitted to the Board of
Directors
|
| 10.3 | Discussion in 1010 | ROWLET::AINSLEY | Less than 150 KTS is TOO slow | Tue Aug 27 1996 12:44 | 160 |
| From: WRKSYS::SEILER "Larry Seiler, x223-0588" 27-AUG-1996 10:37:07.70
To: ROWLET::AINSLEY
CC: SEILER
Subj: SC meeting minutes for the DCU notes file
[Extraneous text removed by Bob Ainsley]
====================
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
April 1, 1996
GENERAL SESSION
8:45 a.m.
PRESENT: Alan Heintz (via conference call)
Bob Ketz, Chairman
Bill Kilgore (9:00 a.m.)
Larry Seiler
ABSENT: Horace Turner
ALSO PRESENT: Lisa Kendall, Recording Secretary
Michael Moriarty, Internal Auditor
______________________________________________________________________________
I. ROLL CALL & DETERMINATION OF QUORUM
II. REVIEW OF MINUTES (January 15, 1996)
The Committee reviewed the January 15, 1996 Supervisory Committee Minutes
and approved them as submitted. The Committee agreed to redact only the
Financial Information as this information is included in the Board of
Directors' Meeting Minutes.
III. FINANCIALS
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
IV. DISCUSSION ITEMS
A. O'Rourke, Clark & Sacher Management Letter
The committee discussed several changes they requested be made on the
Management Letter "Draft" which they received from O'Rourke, Clark & Sacher.
The committee discussed each change in detail.
(Page-2)
The committee is now waiting to receive the finalized Management Letter
which they will review and approve at an upcoming meeting. Mr. Ketz noted
that during the last board meeting, O'Rourke, Clark, & Sacher gave a short
presentation to the board noting that an "unqualified" opinion has been
given on the 1995 Financial Statements of the credit union.
B. 1996 National C.U.S.C Conference Update (by Horace Turner & Bill Kilgore)
This item has been tabled until the next scheduled Supervisory Committee
Meeting in May, 1996.
V. INTERNAL AUDITOR
A. Monthly Report to Supervisory Committee and CEO
Mr. Moriarty reviewed his March, 1996 "Report to the Supervisory Committee
and CEO" in detail. The committee requested that more detail be included in
his report clarifying the exceptions found and cleared. Mr. Moriarty agreed.
B. Employee Termination
Mr. Moriarty informed the committee that he has spoken to Mr. Ketz regarding
a situation involving an employee who was terminated due to check kiting.
Mr. Moriarty reviewed the details of the situation with the committee.
C. VPS, Vendor Payment Services
Mr. Moriarty noted that the free Bill Payer Service provided by VPS to our
members has been extended from 90 days to 6 months of free use. This
extension is due to prior delays in getting members' vendors set up on the
Bill Payer Service. This extension will enable all members who sign up for
this service to have adequate time to try this service before the
$3.00/month fee begins.
X
X
X
X
X
X
X
X
X
X
X
X
X
D. Free Checking Accounts Promotion
Mr. Moriarty noted that DCU is promoting a totally free checking account
which includes 4 free ATM withdrawals per month (8 free per month with
direct deposit), an Advantage Credit Line (ACL) of $500.00 with an okay from
Chexsystems, and free basic checks. He also informed the committee that, as
of today (April 1st), there is a new law going into effect which will allow
surcharges on all foreign ATM machine transactions.
(Page-3)
E. Upcoming Conferences
Mr. Moriarty reviewed some upcoming conferences with the committee.
VI. TOPICS FOR AUDIT CONSIDERATION
A. ATM Data Encryption
Mr. Ketz noted that Board Member, Paul Kinzelman, had a question as to
whether or not our ATM Data is being encrypted or not. Mr. Moriarty noted
that our vendor, EDS, is encrypting all ATM Data for us.
B. VPS Vendor Payment Services
This issue was previously discussed.
VII. NEW BUSINESS
A. Bylaw Approval
Mr. Seiler noted that during the March, 1996 Board meeting, the board
approved a new bylaw that redefines DCU's definition of "family member".
Mr. Seiler noted that with this new bylaw, a family member now includes
all members of a household, even if they are not married, etc. Mr.
Moriarty noted that the ramifications concerning this were fully reviewed
and that you can define "family member" in many ways.
B. Next Supervisory Committee Meeting
It was decided to reschedule the May, 1996 Supervisory Committee Meeting to
be held on Wednesday, May 22, 1996. Mr. Moriarty will review with the
committee issues discussed during the May Planning Conference (May 16 & 17).
VIII. ADJOURNMENT
The committee agreed to adjourn today's meeting at 10:00 a.m.
______________________________________
Robert Ketz
Supervisory Committee Chairman
|
| 10.4 | Discussion in 1011 | ROWLET::AINSLEY | Less than 150 KTS is TOO slow | Tue Aug 27 1996 14:44 | 189 |
| From: WRKSYS::SEILER "Larry Seiler, x223-0588" 27-AUG-1996 11:35:08.60
To: ROWLET::AINSLEY
CC: SEILER
Subj: June 12th Supervisory Committee Minutes for the notes file
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
June 12, 1996
The meeting, held in the second floor Training Room of Digital Employees'
Federal Credit Union's (DCU's) Headquarters facility, commenced at
approximately 8:55 a.m.
GENERAL SESSION
I. Roll Call and Determination of Quorum
Present: Alan Heintz (via conference call)
Robert Ketz (via conference call at 9:40 a.m.)
William Kilgore
Larry Seiler
Horace Turner
Also Present: Kim Gates, Recording Secretary
Michael Moriarty, Internal Auditor
II. Review of Minutes
Because Mr. Turner was not present at the April 1, 1996, Supervisory
Committee Meeting, he has abstained from the vote to approve the minutes.
Review of these minutes will be tabled until Mr. Ketz has joined today's
meeting.
III. Financials
X
X
X
X
X
X
X
X
X
X
Supervisory Committee Meeting
June 12, 1996
Page 2
IV. Internal Auditor
A. Monthly report to Supervisory Committee and CEO
In response the Committee's request, Mr. Moriarty included an addendum of
detailed information.
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X
X
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It was questioned if anything is noted in a
Manager's personnel file when an existing procedure is not followed. Mr.
Moriarty said it is but only if repetitive.
Mr. Kilgore arrived at 9:30 a.m.
X
X
Mr. Ketz joined the meeting (via conference call) at 9:40 a.m.
The Committee requested that Mr. Moriarty follow up on all items and report
the corrective action taken. It was also stated that audit findings should
be included in a Branch Manager's personnel file for the purpose of
followup action.
The Committee also requested Mr. Moriarty to include a section on security
as part of the monthly report they receive.
Supervisory Committee Meeting
June 12, 1996
Page 3
II. Review of Minutes
The Committee reviewed the April 1, 1996 Minutes and requested the
following change:
Page 2: Under New Business, Item A, change the word "defines" to "redefines."
The Committee requested the following redactions:
Page 1: Financials
Page 2: Item C - entire section, with the exception of the first paragraph
Page 2: Item D - last sentence
Page 3: First paragraph
The Committee agreed that they will continue making their meeting minutes
available to the membership.
* It was moved by Mr. Heintz and seconded by Mr. Seiler to approve the
April 1, 1996, Supervisory Committee Minutes as amended and redact the items
listed above. Four in favor; Mr. Heintz, Mr. Ketz, Mr. Kilgore, and Mr.
Seiler. Mr. Turner abstained as he did not attend the meeting. Motion carried.
C. VPS Update
Vendor Payment Services is a wholly-owned subsidiary of CFI ProServices,
Inc. CFI has been in business for 2 years and is the front runner in home
banking services. DCU currently processes approximately $1,000,000/month
through the Bill Payer Service.
D. O'Rourke, Clark & Sacher Management Letter
* It was moved by Mr. Ketz and seconded by Mr. Heintz to accept the
above-referenced Management Letter. Motion carried unanimously.
The final Management Letter must be signed by all Supervisory Committee
Members. The Members present at today's meeting have signed. The letter
will be sent to Mr. Ketz, he will forward to Mr. Heintz, and he will return
it to Mr. Moriarty.
At 10:45, the Committee took a break. The Meeting resumed at 10:50.
Supervisory Committee Meeting
June 12, 1996
Page 4
B. Spring Strategic Planning Conference Update
Mr. Moriarty gave an overview of the Conference that was held May 17th and
18th at the Ocean Edge in Brewster. In addition to a Board Meeting, there
were brainstorming sessions for strategic issues were held.
Topics included: identity (only 32% of our members are DEC employees)
accessibility (some members only want to bank in person)
technology (where to be in the curve)
membership model (what does our typical member want)
fiduciary (tax, insurance funding)
board process/policy
products and services (do we want to be more than a financial
institution -- such as AARP)
A discussion followed regarding Board/Supervisory Committee interfacing. A
meeting will be scheduled (perhaps both Chairmen) to discuss improving
communication. In the interim, if the Supervisory Committee has any
questions, they should contact Mr. Moriarty.
* It was moved by Mr. Seiler and seconded by Mr. Kilgore to postpone the
remainder of today's agenda until the next meeting. Motion carried unanimously.
Mr. Moriarty will include a meeting calendar for the remainder of 1996 in
the next package.
* It was moved by Mr. Heintz and seconded by Mr. Ketz to adjourn today's
meeting at 12:20 p.m. Motion carried unanimously.
Robert Ketz
Chairman
|
| 10.5 | Discussion in 1012 | ROWLET::AINSLEY | Less than 150 KTS is TOO slow | Tue Aug 27 1996 14:44 | 108 |
| From: WRKSYS::SEILER "Larry Seiler, x223-0588" 27-AUG-1996 11:37:38.79
To: ROWLET::AINSLEY
CC: SEILER
Subj: July 15th Supervisory Committee Minutes for the notes file
Digital Employees' Federal Credit Union
Supervisory Committee Meeting
July 15, 1996
The meeting, held in the Training Room at DCU Headquarters, was
called to order at 8:45 a.m.
I. ROLL CALL & DETERMINATION OF QUORUM
Present:
Bob Ketz, Chairman
Horace Turner
Larry Seiler, Secretary
Bill Kilgore
Alan Heintz (via conference call)
Also present:
Michael Moriarty, Internal Auditor
II. REVIEW OF MINUTES
Since the minutes of the June 12th meeting were not received by
the members prior to the start of this meeting, it was agreed
that they would be reviewed at the next meeting.
III. INTERNAL AUDITOR'S REPORT
The Internal Auditor reviewed the findings described in his July
Report.
The Internal Auditor updated the Committee on the following items
that had been previously discussed:
- Concentration of credit risk
- Branch renovations
- Audit finding follow-up
- Vendor Payment Systems
The Internal Auditor informed the Committee that the NCUA had
presented their report at the June 24th Board of Directors
meeting and DCU has been rated a CAMEL 1.
IV. FINANCIALS
X
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X
X
X
X
X
X
X
X
X
X
V. NEW BUSINESS
Committee meeting schedule:
The following schedule was adopted for the remainder of 1996:
August 14
September 11
October 16
November 13
December 11
All meetings will commence at 8:30 a.m.
Board/Supervisory Committee Communications
It was agreed that the Chairman of the Supervisory Committee will
draft a letter to the Chairman of the Board, requesting a meeting
to discuss issues surrounding the roles and responsibilities of
the committee.
Independent Auditors:
It was agreed that no change of independent auditor would take
place for the December 31, 1996 annual audit.
VI. ADJOURNMENT
The meeting adjourned at 10:43 a.m.
-------------------------------------------------------------------------
|
| 10.6 | 8/14/96 - Discussion in 1021 | QUARK::LIONEL | Free advice is worth every cent | Wed Oct 30 1996 14:24 | 210 |
| 10.7 | Bill Kilgore's Trip Report, Supervisory Committee Conference, January 18-21, 1996 | QUARK::LIONEL | Free advice is worth every cent | Wed Oct 30 1996 14:25 | 243 |
| 10.8 | Horace Turner's Trip Report, Supervisory Committee Conference, January 18-21, 1996 | QUARK::LIONEL | Free advice is worth every cent | Wed Oct 30 1996 14:25 | 129 |
| 10.9 | September 11, 1996 (discussion in 1025) | QUARK::LIONEL | Free advice is worth every cent | Tue Nov 26 1996 12:45 | 113 |
| 10.10 | October 16, 1996 (Discussion in 1026) | QUARK::LIONEL | Free advice is worth every cent | Tue Nov 26 1996 12:45 | 209 |
| 10.11 | 13 Nov 1996. discussion in 1040 | CPEEDY::BRADLEY | Chuck Bradley | Wed Mar 26 1997 17:23 | 157 |
|
From: WRKSYS::SEILER "Larry Seiler" 26-MAR-1997 16:48:14.61
To: Moderators of conference DCU
CC: SEILER
Subj: November 1996 Supervisory Commitee Meeting Minutes
Digital Employees' Federal Credit Union
SUPERVISORY COMMITTEE MEETING
November 13, 1996
[redacted minutes]
The meeting, held at DCU Headquarters, was called to order at approximately
8:35 a.m.
GENERAL SESSION
I. Roll Call and Determination of Quorum
Present: Alan Heintz (via conference call)
Bill Kilgore
Bob Ketz, Chairman
Horace Turner
Larry Seiler, Secretary
Also present: Kim Gates, Recording Secretary
II. Anonymous Associate Letter
Mr. Ketz informed the Committee that he received an anonymous letter from
an associate of the Credit Union. Typically the Committee would not
respond to an anonymous letter;
X
X
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X
X
X
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X
X
X
X
It was moved by Mr. Turner and seconded by Mr. Seiler to
approve an investigation that is limited and well defined. Motion carried
unanimously.
X
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X
X
X
X
X
III. Review of Minutes (September 11, 1996, and October 16, 1996)
The Committee reviewed the minutes of the September and October meetings.
Mr. Seiler will make minor changes requested. It was moved by Mr. Turner
and seconded by Mr. Kilgore to approved the September 11, 1996, and
October 16, 1996, amended minutes. Motion carried unanimously.
IV. [Member Complaint] Letter
Mr. Ketz distributed his response to the letter he received from this member.
V. Meeting with Carlo Cestra
Mr. Ketz gave an overview of a one-on-one meeting he had with Mr. Cestra.
Items discussed included: reporting relationship with Internal Auditor,
Secretarial support for the Supervisory Committee, the Committee's role
in investigations, and third party reviews.
VI. Dorfman & Robbie Update
No information has been received.
VII. Board Report Update
Mr. Seiler attended the October Meeting where the Board discussed the
Carver Governance Model. The Supervisory Committee questions where and/or
if the Committee fits into the Model.
It was moved by Mr. Turner and seconded by Mr. Seiler to move the meeting
into Executive Session. Motion carried unanimously.
EXECUTIVE SESSION
VIII. Assertions
Mr. Turner reviewed a draft of Supervisory Committee assertions. Minor
changes were made and the list prioritized. Mr. Turner will draft a cover
letter that will be submitted to the Board, along with the outline,
requesting this be an agenda item to be discussed at the next Board
Meeting.
At 10:30 a.m., the Committee left executive session and took a 5-minute
break.
At 10:35 a.m., Donna Russo, Vice President of Human Resources, and Michael
Moriarty, Operations Manager, joined the meeting.
IX. Internal Auditor Search
Ms. Russo and Mr. Moriarty have reviewed 35 resumes received and
interviewed four external candidates and two internal candidates.
Interviews will be arranged for two of the external candidates to meet
with Mr. Ketz.
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At 11:00 a.m., Ms. Russo and Mr. Moriarty left the meeting.
Mr. Heintz disconnected from the meeting at 11:05 a.m.
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Mr. Turner will clarify the Internal Auditor's reporting structure.
Mr. Ketz informed the Committee of a court ruling has suspended the
addition of new Select Employee Groups.
It was moved by Mr. Kilgore and seconded by Mr. Turner to adjourn the
meeting at 11:35 a.m. Motion carried unanimously.
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