LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 5Ch. 4Art. 5§ 14600 Credit Union Oversight Committee

§ 14600 Credit Union Oversight Committee

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14600 Credit Union Oversight Committee

This law requires credit unions to have a credit committee (or a credit manager) made up of at least three members, and it sets rules for how the committee is chosen and how long its members serve.

Key Takeaways

  • •A credit committee must have at least three people who are either members or a credit manager.
  • •The committee can be elected by members, appointed by the board, or replaced by a credit manager as allowed by bylaws.
  • •Committee terms cannot exceed three years and may be staggered.

Example

A credit union wants to decide who will oversee members' loan obligations.

The credit union can either elect three member volunteers at its yearly meeting, let the board appoint three people, or replace the committee with a single credit manager. Whichever option it picks, the bylaws must spell out the choice, and any committee members serve no longer than three years, with terms that can be staggered.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14600 Credit Union Oversight Committee

Every credit union shall have a credit committee of at least three persons, each of whom shall be a member of the credit union, or in the alternative, a credit manager, to have general supervision of all obligations of members. The bylaws of the credit union shall provide that either: (1) the members of the credit committee shall be elected by the members of the credit union at their annual meeting, or (2) they shall be appointed by the board of directors, or (3) that the board of directors may establish the position of credit manager in lieu of a credit committee. The bylaws of the credit union shall provide for the terms of office of the credit committee, where the credit committee has been provided for in the bylaws, which shall not exceed three years, and which may be staggered. (Amended by Stats. 1984, Ch. 789, Sec. 3.)

Last verified: January 11, 2026

Key Terms

credit committeecredit managerboard of directorsbylaws

Related Statutes

  • § 14603 Credit Extension Approval Limits
  • § 14604 Member Loan Appeal Rights
  • § 14554 Supervisory Committee Restrictions
  • § 14601 Credit Committee Conflict Rules
  • § 14602 Credit Union Loan Approval

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14600.
View Official Source