Navy Federal Credit Union 2015 Annual Report Download - page 17

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2015 ANNUAL REPORT 15
INPUT FOR THE 2015 ANNUAL REPORT
The Supervisory Committee provides the membership with an independent appraisal of the
safety and soundness of Navy Federal’s operations and activities. It does so in compliance with
the Federal Credit Union Act and Navy Federal’s bylaws. The Supervisory Committee ensures
that Navy Federal’s financial statements provide a fair and accurate presentation of its financial
condition and that management establishes and maintains sound internal controls to protect
the assets of your credit union.
The Supervisory Committee employs the independent accounting firm of PricewaterhouseCoopers
LLP (PwC) to assist in meeting its responsibilities. The Committee meets regularly with PwC to
evaluate audit results and to plan future audit work. PwC conducts quarterly procedures related
to selected operations and performs a comprehensive audit of the credit union’s year-end
financial statements. PwC’s year-end audit, the Independent Auditor’s Report, appears in this
Annual Report.
Acting as your ombudsman, the Supervisory Committee assures that all members are treated
fairly by maintaining an open communication with the membership. Throughout the year,
the committee reviews and responds in writing to all letters and emails it receives from the
membership. Both the membership and the management of Navy Federal benefit from this open
communication because your individual concerns are addressed on a personal basis and your
comments help to ensure that Navy Federal maintains the highest level of service to its members.
The National Credit Union Administration (NCUA), the regulatory agency for all federally
chartered credit unions, also performs periodic supervisory examinations. The results of their
2015 examination disclosed that Navy Federal continues to be financially strong and a leader
in the credit union movement. In 2015, a review of certain activities was also performed by the
Consumer Financial Protection Bureau (CFPB). Navy Federal’s asset size places it under the
regulatory supervision of the CFPB for compliance with Federal consumer financial laws.
Based on the results of PwC, NCUA and CFPB, it is the opinion of your Supervisory Committee
that Navy Federal continues to be financially strong and compliant. We can also assure you
that the policies, programs and management practices of your credit union are sound and
eectively maintained, and that both your Supervisory Committee and the management and
sta of Navy Federal will continue to provide world-class service to every member.
Michael C. Wholley
Chairman
SUPERVISORY COMMITTEE