Alabama Teachers Credit Union

“The credit union amended article i, section 1 of their bylaws to change their name from alabama teachers credit union to emblem credit union. This change was approved by the alabama credit union administration.”

“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 alabama teachers credit union as of december 31, 2024, was open to anyone that works, lives, or attends school within etowah, dekalb, marshall, cherokee, and calhoun counties, or is a family member of an existing member, and consisted of approximately 30,573 members, most of which were employess or relatives of the public schools in these counties.”

“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. Prior to the annual meeting, the board chairman appoints a nominating committee to nominate a candidate for each vacancy. Nominations may also be made by petition. Election by the membership is performed through written or electronic ballots, unless there is only one nominee. All elections are determined by a plurality vote.”

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

“Management performs a review of the form 990 prior to filing.”

“Credit union employees are required to review the credit union's conflict of interest policy that is included in the employment handbook prior to employment.”

“Compensation for the credit union's ceo is reviewed by the board of directors. To determine the ceo's salary, the board considers among other things, published peer salary guide/data and the credit union's financial condition and results of operations. The ceo sets all other management and employee salaries based on similar guidelines.”

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

“On a routine basis, the alabama credit union administration and 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 audited by an independent accountant as of december 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 the annual financial statement audit and the selection of the independent accountant.”