SECU Expands Loan Review Committees
With the goal of placing more emphasis on local decision making, State Employees’ Credit Union is expanding its volunteer loan review committee system.
The board of directors of the $27 billion credit union in Raleigh, N.C., approved the measure.
There are currently 85 member-volunteers serving on 13 loan review committees for SECU.
With the expansion to a new member loan review committee format, the number of committee volunteers will increase to 276, according to SECU.
Committees are being established in all 46 SECU districts to serve the 253 branches in North Carolina.
The expanded committees will allow SECU to place more emphasis on local loan review and decision making in the member loan review process, said Jerry Harmon, SECU’s chief lending officer.
“As a member-owned cooperative, SECU knows that volunteer participation is critical to better serve all members,” said Harmon. “The credit union is fortunate to have such dedicated and knowledgeable volunteer advocates and their role in the peer loan review process is invaluable.”
The transition to the new member loan review committee format will also incorporate SECU’s 253 branch advisory boards comprised of approximately 3,000 volunteers who serve as a communication link between members, SECU’s staff and the board of directors, the credit union said.
Many loan review committee members will combine with existing advisory boards and the 46 member loan review committees will be selected from the combined group of volunteers.
Six members per district will serve a dual volunteer role and receive additional training for duties on the committees.
The new loan review committee program will be implemented July 1, SECU said.