TO: ALL TENNESSEE STATE CHARTERED
CREDIT UNIONS
SUBJECT: CHANGES IN CREDIT UNION SENIOR
MANAGEMENT
DATE: JUNE 22, 1999
The Credit Union board of directors, in executing their fiduciary
responsibilities, may implement changes in senior management. The credit union
division previously has not had a systematic procedure of notification by the
industry when these types of changes occur. Therefore, the credit union division
may have safety and soundness interests and considerations when senior
management changes are made.
Therefore, we are requesting observance of this written procedure when you have
a change in senior management:
The board of directors of all state-chartered credit unions is required to
submit written notification to the Commissioner of the Department of Financial
Institutions of any change in the credit union's senior management. Senior
management is defined as the president, chief executive officer, manager, or any
other designation that refers to the individual responsible for the day-to-day
operation of the institution. The written notification must be submitted within
seven days of the personnel change.
If you have any questions regarding this bulletin, please contact Assistant
Commissioner Harry P. "Pat" Murphy at (615) 741-5608.
______________________________
Bill C. Houston
Commissioner
|
