Navy Federal Credit Union 2014 Annual Report Download - page 16

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[ 16 ]
NAVY FEDERAL CREDIT UNION 2014 ANNUAL REPORT
2014 A YEAR
IN REVIEW
Your Supervisory Committee consists of
five member volunteers appointed by the
Board of Directors. The committee’s role is
to ensure that Navy Federal operates within
the regulations governing federally chartered
credit unions. In compliance with the Federal
Credit Union Act and Navy Federal’s bylaws,
the Supervisory Committee ensures that
the financial condition of the credit union is
accurately and fairly presented in its financial
statements and that management protects
and safeguards Navy Federal’s assets by
establishing and maintaining sound internal
controls. The committee also acts as your
ombudsman by reviewing and responding in
writing to all letters and emails it receives
from Navy Federal members. By maintaining
an open line of communication with the
membership, the committee helps to ensure
that you are provided the quality of service
that you deserve as member-owners
of your credit union.
The independent accounting firm of
PricewaterhouseCoopers LLP (PwC) assists
the Supervisory Committee in carrying out
its responsibilities. PwC auditors perform
a comprehensive end-of-year audit of
Navy Federal’s financial condition. The
results of this audit are reflected in their
Independent Auditor’s Report, which
appears in this Annual Report.
Periodic supervisory examinations are also
performed by the National Credit Union
Administration (NCUA), the independent
federal agency that regulates, charters, and
supervises federal credit unions. In 2014,
the NCUA evaluated Navy Federal’s financial
condition, safety, soundness, and areas
of regulatory compliance.
Based on the results of the Independent
Auditor’s Report and the Examination Report
of NCUA, it is the opinion of your Supervisory
Committee that Navy Federal continues to
be financially strong and well-managed, with
sound policies and programs.
Michael C. Wholley
Chairman
INPUT FOR
THE 2014 ANNUAL REPORT