August 21, 2012 - 11:46am
#1
How does your credit union handle loan applications for Board members or other officials that exceed $20,000? The regs (§701.21 (d) (4)) state that the Board is required to review and approve/deny request that aggregate to more than $20k outstanding. At what level does your Board review the details of the loan? Can this be delegated to a committee (credit, executive)? The requirement is pretty clear, we are just wondering operationally how this is done at other CUs.
