12 U.S.C. § 1761d

Supervisory committee; powers and duties; suspension of members; passbook

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The supervisory committee shall make or cause to be made an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union; shall make or cause to be made such supplementary audits as it deems necessary or as may be ordered by the Board, and submit reports of the supplementary audits to the board of directors; may by a unanimous vote suspend any officer of the credit union or any member of the credit committee or of the board of directors, until the next members’ meeting, which shall be held not less than seven or more than fourteen days after any such suspension, at which meeting any such suspension shall be acted upon by the members; and may call by a majority vote a special meeting of the members to consider any violations of this chapter, the charter, or the bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized. Any member of the supervisory committee may be suspended by a majority vote of the board of directors. The members shall decide, at a meeting held not less than seven nor more than fourteen days after any such suspension, whether the suspended committee member shall be removed from or restored to the supervisory committee. The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer from time to time, and not less frequently than once every two years. As used in this section, the term “passbook” shall include any book, statement of account, or other record approved by the Board for use by Federal credit unions.

Notes of Decisions

Cited in 5 cases, 1982–1994 · leading case: Jeanette Jesinger v. Nevada Fed. Credit Union, a Federally-Chartered Credit Union Robert W. Fleischman, 24 F.3d 1127 (9th Cir. 1994).

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Jeanette Jesinger v. Nevada Fed. Credit Union, a Federally-Chartered Credit Union Robert W. Fleischman, 24 F.3d 1127 (9th Cir. 1994). · cites it 2× “See 12 U.S.C. § 1761d; Article X of the Bylaws of NFCU; Supervisory Committee Guide for Federal Credit Unions at 3.”

Clifton Smith v. Dearborn Fin. Servs., Inc., & Dearborn Fed. Credit Union, 982 F.2d 976 (6th Cir. 1993). “Plaintiffs argument is somewhat disingenuous, however, since it gives the impression that the arguments in favor of an implied private cause of action under the FCUA, which were rejected in the cases listed above, were based only on generalized, nonspecific provisions of the…”

Cuenca v. Safeway San Francisco Employees Fed. Credit Union, 180 Cal. App. 3d 985 (Cal. Ct. App. 1986). “(12 U.S.C. § 1761d.) None of these statutorily created duties, however, suffices to make the investigation by the supervisory committee or its report to the board of directors an “official proceeding.”

Gene F. Barany & Helen L. Elliott v. John Buller, 670 F.2d 726 (7th Cir. 1982). “12 U.S.C. § 1761d. 6 . With respect to the Board, the Act provides: The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the corporation.”

Oiciyapi Fed. Credit Union v. Nat'l Credit Union Admin., 936 F.2d 1007 (8th Cir. 1991). “§ 1761’s prohibition on compensation; (5) the biennial verification of members’ accounts required by 12 U.S.C. § 1761d had not been done since 1986; (6) the credit union was not promoting thrift, which is the purpose of a credit union according to 12 U.”

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