Order Requires Management Competency Review
A consent order from California’s Department of Business Oversight required the $21 million Eagle Credit Union to begin annually reviewing its senior staff.
“Within 60 days of the date of this order, respondent shall develop and implement a formalized process for evaluating respondent’s senior management personnel, to include the accounting manager and the operations manager,” the June 16 order read. “Respondent shall provide a written evaluation of management’s performance at least annually, and maintain a copy of the evaluation in the personnel file. Respondent shall document the review of management’s competencies in the executive board meeting minutes. Such process and its implementation shall be satisfactory to the commissioner and regional director as determined at subsequent examinations and/or visitations.”