The Work of the Supervisory Committee

The Board of Directors of OAS FCU entrusts the Supervisory Committee with two critical responsibilities among others:

• To ensure that Credit Union management reports faithfully and clearly on the financial condition of OAS FCU.
• To verify that the policies, procedures, and practices of the Credit Union are effective in protecting the assets of our members.

To fulfill this mandate, we apply a robust set of oversight and assurance mechanisms designed to ensure that OAS FCU operates as a sound, efficient, and compliant financial institution. Our work not only supports the Board and management in achieving their goals but also reflects our stewardship on behalf of every member of the Credit Union. We do this by:

• Evaluating the adequacy and effectiveness of internal controls, recommending improvements and checking their use;
• Monitoring the adoption and implementation of the solutions to address audit findings;
• Offering advice on the development of practices that align with industry standards and future needs for supervision.

 Our Role in 2024

In 2024, the Supervisory Committee continued to fulfill its oversight responsibilities while expanding its role to address the evolving needs of the Credit Union. Some of our core activities included:

• Engaging and overseeing the Credit Union’s annual independent financial audit, and contracting an external audit firm to ensure objectivity and consistency.
• Ensuring that all audit recommendations, whether from external auditors or regulators—were reviewed and implemented in a timely and thorough manner, in close coordination with OAS FCU’s interim Chief Operating Officer and our newly appointed internal auditor.
• Conducting surprise cash counts at both Credit Union offices and ATMs.
• Following up on member complaints submitted through the website, emails  and digital platforms.
• Reviewing internal controls using a risk-based framework.
• Ensuring compliance with the Bank Secrecy Act, the PATRIOT Act, and other required  regulations by confirming that management and staff adhere to policies approved by the Board, as mandated by NCUA and other regulatory agencies.

 Strengthening Internal Audit and Risk Management

In response to audit findings from previous years and to proactively support OAS FCU’s continued growth, in 2024 the Supervisory Committee worked closely with the Credit Union’s leadership to establish and support a newly formed Internal Audit department. A full-time internal auditor was selected and appointed. The new team n is now positioned to perform ongoing evaluations of internal controls, operational processes, and compliance mechanisms.

Together with the new interim Chief Operating Officer, the Committee took an active role in reviewing past audit findings to confirm that corrective actions were not only documented but also implemented effectively. This process helped lay the groundwork for a more proactive audit culture—one that emphasizes prevention, responsiveness, and resilience.

In line with our strategic priorities—and supported by the creation of OAS FCU’s new Internal Audit Department—we expanded our use of a risk-based oversight framework, allowing us to:

• Better identify and mitigate emerging risks across all operational areas with more frequent and targeted internal reviews.
• Support financial stability and sound growth as the Credit Union develops new services and expands its reach.
• Collaborate with the internal auditor to assess and strengthen internal controls that anticipate future regulatory, technological, and economic changes.

This evolving, risk-based approach equips the Supervisory Committee and internal audit team to jointly anticipate vulnerabilities such as fraud, operational breakdowns, or cybersecurity threats—while reinforcing OAS FCU’s long-standing commitment to regulatory compliance, ethical governance, and member protection.

Reflections on 2024 and Transition to 2025

In 2024, the Supervisory Committee focused on upholding operational transparency and member. The Supervisory Committee oversaw all mandatory audits, including those related to IT systems, electronic payments, regulatory compliance, the SAFE Act, the Unlawful Internet Gambling Enforcement Act (UIGEA), the Bank Secrecy Act (BSA), and ACH systems. We diligently followed up on all audit and examination recommendations to ensure timely resolution and sustained compliance, documenting the progress of each corrective action. In response to the growing volume of online services, we verified that management and staff implemented enhanced fraud prevention measures to protect member assets. Additionally, we promoted member engagement in cybersecurity awareness by supporting the Credit Union’s efforts to share educational resources via its blog, the Education & Security section of the website, and targeted emails highlighting emerging cyber threats. This strong foundation allowed us to transition confidently into the more expansive oversight roles we assumed in 2025.

Looking Ahead: 2025 and Beyond

As we move forward, the Supervisory Committee remains committed to its role as guardian of the Credit Union’s integrity and protector of member interests. With the continued support of our internal audit function and executive leadership, we aim to:

• Monitor how new technologies and service models are integrated while safeguarding member assets.
• Recommend new controls and safeguards to keep the Credit Union one step ahead of regulatory changes, fraud schemes, and reputational risk.
• Ensure that the policies and practices of OAS FCU remain aligned with the principles of inclusion, transparency, and accountability.

By embracing a risk-based, forward-looking approach, we will help ensure that OAS FCU remains financially stable and operationally resilient—while continuing to find new ways to serve members and welcome new ones into our community. 

A Warm Thank You

We extend our heartfelt thanks to:

• Our members, for the continued trust you place in this institution.
• The Board and management, for their open collaboration and commitment to excellence.
• The staff of OAS FCU, whose adaptability and dedication have allowed us to navigate a time of transformation while upholding our shared mission.

As always, the Supervisory Committee is honored to serve and remains steadfast in its oversight and advocacy on behalf of the membership. Together, we move into the future with confidence, guided by the values on which this Credit Union was founded.