Index

1. AB&W Credit Union, Mortgage Loans.
2. Regulatory Change in Overdraft Protection. 
3. Supervisory Committee Volunteer Position.
4. Cherry Blossom Ten Mile Run.

AB&W Credit Uion, Mortgage Loans.

The mortgage market melt-down gave the federal government incentive to re-write the consumer lending rules. The new lending rules require employees who intitiate a mortgage loan to complete a 20 hour training course. Once the training course has been completed, the employee must pass a national licensing exam and they will be required to personally register in a national database designed to track the performance of their loans. A registered employee will also be required to take 8 hours of continuing education each year to ensure they remain up-to-date on changing mortgage lending laws and regulations. In addition to the educational requirement, the new rules put credit union assets at risk should a borrower default on a mortgage sold to the secondry market within the first year of home ownership. The demands of these new requirements put mortgage lending beyond our reach. For this reason, credit union personnel will no longer personally process mortgage loan application.

We will refer prospective borrowers to our partner, Member Option's Mortgage. Our representative's name is Maurice Barros. Please call him with any questions you may have at  (434) 964-2062.

Thank you again for your continued support of your member-owned financial cooperative.

Regulatory Change in Overdraft Protection

Thank you for your continued membership with AB&W Credit Union, Inc. You are a valued member and we appreciate the opportunity to provide you with the financial services you require. The Federal Reserve Board recently passed new regulations requiring all financial institutions to obtain an "Opt-In" form from account holders to continue providing Overdraft Services on ATM and one-time debit card transactions clearing your account.

If we do not receive your signed "Opt-In" form, your current overdraft services with AB&W Credit Union will soon not cover ATM and one-time debit card transactions. Please note the new regulations do not affect the current overdraft services that we provided on your ACH or Paper Check transactions. The changes will begin to affect your account on August 15, 2010. Providing AB&W Credit Union with the "Opt-In" form before August 15, 2010 you can ensure that you do not experience any changes in the services you are presently receiving. You have the option to opt-in or opt-out at anytime.

If you do not provide AB&W Credit Union with the "Opt-In" form, your ATM and Debit card transactions will no longer be authorized if funds are not available. All transactions will be handled within the existing policies of your account.

In order to continue receiving the overdraft services that you currently have, please complete "Opt-In" form and present it at the credit union office or mail it to: 6201 Richmond Highway, Alexandria, VA 22310. You can also fax us at (703)768-7545.

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Supervisory Committee

Volunteer Position

Purpose

The Supervisory Committee, or Audit Committee, is the watchful eye for the Credit Union. The Committee is responsible for assuring its membership that their deposits are safe.

In a democratic structure like the Credit Union, it is imperative that the Committee be visible and active in fulfilling its responsibilities to the membership.

Qualifications For Serving

Supervisory Committee member are Credit Union volunteers who may have little or no background in Credit Union operations. The simple fact is this small group of volunteers come with diverse backgrounds is what makes the Committee so effective.

Unfamiliarity with Credit Unions in combination with an enthusiasm to get involved in productive manner, can be the most effective for members of the Committee bacause of the uninhibited nature of their inquiries regarding Credit Union matters.

Volunteers with little or no experiance will be more apt to question the most routine operation inherently causing a no stone left unturned impact on the overall structure.

As volunteers gain experiance and training, the levels of their scrutiny in monitoring their Creidt Union will naturally move up to the complexities of the organization.

 Roles and Duties of the Supervisory Committee

The Supervisory Committee will consist of an odd number of members, at least three (3) in number, each of the three members of Supervisory Committee will be members of this Credit Union. The Supervisory Commitee members will have specified terms and will be appointed by the Board of Directors.

The Supervisory Committee is required to inspect the Credit Union records for accuracy to confirm the security of the assets and verify the procedures for the proper handling and use of funds.

As a member of SUPERVISORY COMMITTEE, you are responsible to:

• Make, or cause to be made, audits as required by government agencies. Also, prepare and submit the necessary written forms. Conduct or order supplementary audits as the Committee Decides is necessary;
• Inspect the securities, cash and accounts of the credit union and scrutinize acts of all officers, committees, and employees of the Credit Union to determine compliance with Board, State and other regulatory requirements;
• Conduct or order a verification of the loan and share accounts of the members in accordance with Credit Union policies and regulatory requirements;
• Review minutes of the Board;
• Make sure there are internal controls and that all internal controls are being followed;
• Recalculate the expected interest income from loans and investments and the expected interest paid on member deposits to determine if records are reasonable;
• Suspend, if necessary, any member or officer of the Boad of Directors in accordance with state and federal regulations;
• Prepare and make available an annual review of the owrk done by the Supervisory Committee to be presented at the annual membership meeting.

Time Involved

Voluntters are expecnted to attend:

• The respective regularly scheduled Board meeting every month, currently the Board meets on thirst Tuesday of each month at 10:30 am, at the Credit Union Office;
• Scheduled Supervisory Committee meetings, the Annual Planning Session and other meetings as needed;
• Other volunteer Conferences and seminars facilitated by the Virginia Credit Union League.

Volunteers are encouraged to enroll in the Volunteer Achievement Program (VAP) and the Volunteer Leadership Program (VLP) courses through the Virginia Credit Union League, and to complete at least the three basic core modules within the first year in office.

This Volunteer Position requires at the most 3 to 5 hours of your time once a month.

All members of the Supervisory Committee are welcome at the monthly Board of Directors Meetings.

There is no paid compensation for any positions as a AB&W Credit Union volunteer.

Help Us Surpass Last Year's Donations to Children Miracle Network

 Visit www.miracleday.org and click on the Credit Union Cherry Blossom Ten Mile run icon.The money you donate will go to the Children's Hospital in the community where you live. 

 On a sunny spring Sunday, 15,000 runners were on the National Mall to raise money for the Children's Miracle Network in the 38th Annual Cherry Blossom 10-Mile Run. On the Friday before the event, Credit Union Miracle Day Chairman Juri Vadov presented a $923,000 check on behalf of credit unions to the Children's Miracle Network.

"We're in the people business, we're in the people helping people business," Valdov explained at a news conference at Children's National Medical Center. The check presented was for the third-largest amount credit unions have contributed since they began sponsoring the event in 2002.

Valdov said 7,200 of the runners that were selected for the race are credit union members and there were 34 credit union teams. This year, 27,000 people applied for the 15,000 slots. Runners competed for the largest purse in event history-$45,000 in prize and bonus money.

The credit union movement, which has sponsored the race since 2002, recently announced it will continure to do so untill atleast 2016.

The FDIC has partnered with the White House, the U.S. Department of the Treasury, the Commerce Department, and other federal offices to produce a Web site that focuses on how Americans can protect their savings. Visit www.economicrecovery.gov, for job opportunities in your state, avoiding foreclosure and much more.