UW Credit Union Governance
UW Credit Union is a member-owned cooperative business organization that is governed by a Board of Directors. The nine-member board is comprised of active UW Credit Union members who are selected by fellow members through a democratic election process. Every member who meets eligibility requirements specified by our bylaws is permitted to vote in the annual election, and every eligible member is given one vote without regard to the amount of funds they have on deposit with the credit union.
How We’re Governed
The Board of Directors retains the credit union president, who is the chief executive officer and who manages the credit union’s daily operations. The Board of Directors is legally responsible by statute, articles of incorporation and bylaws for overall direction of UW Credit Union’s affairs and performance. The board carries out this responsibility by meeting monthly to establish guiding policy and monitor the performance of management. Additionally, standing committees (which include board members and other active members appointed by the board) regularly meet to support the formulation and monitoring of board policy.
The Audit Committee includes one board member and four other active credit union members. This committee meets periodically with management and internal and external auditors to review the quality of financial reporting, compliance with internal accounting controls, and the nature, extent, timing and results of audits and examinations. The committee recommends an independent certified public accounting firm, which annually audits the credit union’s financial statements.
The credit union is a state-chartered, federally insured financial institution. The Wisconsin Department of Financial Institutions’ Office of Credit Unions conducts periodic examinations of UW Credit Union. These examinations verify that we are complying with regulatory statutes and capital requirements and confirm that we are safeguarding assets. The National Credit Union Administration, a federal agency, also participates in periodic examinations to assure the safety and soundness of the National Credit Union Share Insurance Fund.