Firemans Credit Union

“Alabama banking code, section 5-17-5 states that, "credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well- defined neighborhood, community or rural district." the membership of fireman's credit union, as of december 31, 2020, was open to the firemen of the city of birmingham, alabama, and their families, and consisted of approximately 891 members.”

“The board of directors are elected by the credit union's membership at the annual meeting. The credit union's bylaws govern the election procedures. The terms of the board of directors, as set by the bylaws, are 3 years, and are staggered so that an equal number expire at each annual meeting. Election by the membership is determined by a majority vote.”

“The following types of decisions are subject to approval by the credit union's members: dissolution and merger of the credit union, election and termination of board members, election and termination of supervisory committee members, conversion from state to federal charter, and amendment of the bylaws.”

“Management performs a review of the form 990 prior to filing. The return is reviewed by the credit union's board of directors at a later date.”

“Each employee's transactions are monitored and approved by the board of directors annually or more often if needed. The conflict of interest policy is reviewed by the board of directors and each employee. The employee signs as his acknowledgement that he or she has read, understood, and agreed to abide by the policy.”

“Compensation is determined by the credit union's board of directors.”

“The credit union makes its governing documents available to the public upon request. Furthermore, the credit union's financial statements can be found on the website of the ncua at ncua.gov.”

“On an annual basis, the alabama credit union administration and/or the national credit union administration perform a regulatory examination of the financial statements and safety and soundness of the credit union. Additionally, the credit union's financial statements are subject to a supervisory committee audit/agreed upon procedures performed by an independent third party as of march 31 each year.”

“The credit union has a supervisory committee that is responsible for ensuring that the board of directors and management of the credit union - (1)meet required financial reporting objectives and (2)establish practices and procedures sufficient to safeguard members' assets. This includes overseeing any annual supervisory committee audit/agreed upon procedures and the selection of the independent auditor/accountant.”