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Remember, O Bee will NEVER initiate contact and request your card number, online banking credentials, or one-time passcodes over the phone, via email, or by text. If someone asks you for this information, end the call and reach out to us directly at 360-943-0740. You can also shut off your card at any time in your Online Banking. Click to learn more. X
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Officials Compensation

 
Overview


O Bee Credit Union (“Credit Union”) provides reasonable compensation to eligible members of the Board of Directors and Supervisory Committee in the form of an annual stipend, paid quarterly, based on the position held. This structure provides compensation commensurate with the respective responsibilities and time demands of each position.
 

Description of Duties

Board of Directors

 
The role of the Board of Directors is to set policy, plan the Credit Union’s course, ensure the Credit Union maintains its sound financial condition, keep communications open, and educate Members about services. Specific duties include:
 
  • Work with the President & CEO to develop the strategic plan and goals
  • Ensure the Credit Union adheres to pertinent laws, regulations, and sound business practices
  • Ensure the Credit Union maintains sound financial conditions and that assets are protected against unauthorized or illegal acts
  • Establish or approve policies for critical programs and activities
  • Approve the annual operating budget
  • Hire the President & CEO, define the scope of the CEO’s role, and review progress in attaining goals and objectives
  • Exercise judgement independently from the President & CEO
  • Attend board meetings, participate in committees, and report to the Members at the annual meeting
  • Be available as needed by the President & CEO or other board members
 

Supervisory Committee

 
The role of the Supervisory Committee is to ensure ongoing reviews and audits are performed and to make sure that Credit Union records are maintained properly, honestly, and accurately; that policies established by law and by the Board of Directors are carried out faithfully; and that Members’ assets are safeguarded and used according to the purposes of the Credit Union. Specific duties include:
 
  • Engage the services of auditors as needed to perform audits and to ensure that financial reporting objectives are met
  • Verify that internal controls are established and effectively maintained to safeguard the Credit Union’s assets
  • Review the actions of the Board of Directors, officers, and committees to ensure they exercise appropriate control over the Credit Union’s affairs
  • Ensure that the Credit Union is in compliance with all relevant laws and regulations
  • Present a full report of the findings of annual audits and any special findings to the Board of Directors
  • Receive and review complaints from Credit Union Members or other stakeholders

Due Diligence Process

 
In establishing the Credit Union’s officials compensation program, the Board of Directors completed a due diligence process and determined that the compensation amounts are: (i) proportional to the duties, responsibilities and services to be performed by the Directors, Supervisory Committee members and their officers, (ii) reasonable considering the past and current financial condition and safety and soundness of the Credit Union, (iii) consistent with the Credit Union’s mission, needs and goals, and (iv) comparable to compensation paid by peer credit unions and other organizations of similar size and operational complexity and performance (e.g., assets, employees, branches, revenue, etc.)
 
Information about the financial performance of O Bee Credit Union as it relates to the reasonableness of officials compensation can be viewed here.
 

Compensation Details

 
No Directors or Supervisory Committee members received compensation in 2024. The approved 2025 Officials Compensation Schedule, listing all eligible positions and their planned 2025 compensation amounts, can be viewed here.
 

Records Requests

 
A Credit Union Member may request a copy of the Compensation Policy in digital or printed form by contacting O Bee using any of the communication methods listed here.
 

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