Regulatory Alerts2013-03-07 | I-13-01Use of the Term Audit Committee in Credit Union Bylaws
The Washington Department of Financial Institutions issued interpretive letter I-13-01 to clarify that state-chartered credit unions may use the term "audit committee" synonymously with "supervisory committee" in their bylaws. This guidance confirms that while the terminology can be changed, the entity must still strictly comply with all duties, functions, and regulatory requirements mandated for a supervisory committee under the Washington Credit Union Act and NCUA rules. The decision aligns with industry practices and acknowledges that both terms perform equivalent oversight functions regarding financial records and internal controls.
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