Delegation of Authority Policy Template for Credit Unions

This Policy is the formal allocation of authority within the Credit Union’s leadership and governance structure. Such delegations are intended to ensure that the Credit Union operates as effectively and efficiently as possible by clearly empowering its Volunteers, CEO and Senior Management with an appropriate degree of authority.
Even with the explicit delegations of authority outlined below, the Board remains ultimately responsible for the direction and actions of the Credit Union.
 
Further, this Policy is established to define the limits of authority designated to specified positions of responsibility within the Credit Union and to establish the types and maximum amount of obligations that may be approved by individuals or groups of individuals. The approval of obligations, commitments and transactions outlined in this Policy must always be made by the parties that have been designated to have the responsibility for final approval.