Navy Federal Credit Union 2008 Annual Report Download - page 3

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NAVY FEDERAL CREDIT UNION • 2008 ANNUAL REPORT
11
The Supervisory Committee independently evaluates the soundness of
Navy Federal’s operations and activities in compliance with the Federal
Credit Union Act and Navy Federal’s bylaws. The Committee helps to ensure that
management protects and safeguards Navy Federal’s assets by instituting and
maintaining sound internal controls, and also ensures that the financial condition of
the credit union is accurately and fairly presented in its audited financial statements.
The Committee is assisted in carrying out its responsibilities by the independent
accounting firm of PricewaterhouseCoopers LLP (PwC), which performs an
inde pendent audit. The results are reflected in the PwC Report of Independent
Auditors, which can be found at the back of this Annual Report.
In addition, the National Credit Union Administration (NCUA), the regulatory
agency for all federally chartered credit unions, performs annual supervisory
examinations. The NCUA evaluates the credit union’s financial condition, safety
and soundness. As a result of the 2008 examination, Navy Federal continues to
be financially strong, and once again received NCUA’s highest rating.
Also, the Supervisory Committee assures that you, the member-owners, are
provided the quality service that you deserve. The Committee maintains an open
line of communication with the membership by reviewing and responding in
writing to letters and e-mails received by the Committee.
While 2008 proved to be a challenging year in the financial services industry,
it is the opinion of your Supervisory Committee that Navy Federal continues to
be well-managed and in strong financial condition, with sound policies and
programs in place. We can also assure you that both your Supervisory Committee
and the management and staff of Navy Federal will continue to provide world-
class service to every member.
REPORT
FROM THE
Supervisory
Committee
Michael C. Wholley Committee members (above, l-r):
Chairman Michael C. Wholley, Chairman
Edward R. Cochrane Jr.
David A. Gove
Neil W. T. Hogg
Robert J. Voigt