Mission Statement

At Butte Federal Credit Union it is our mission to provide, with prudence, that spectrum of authorized financial services which best meets the needs of our membership and at all times, adhere to the basic philosophy of the Credit Union movement. “People Helping People” – that’s what we are all about at Butte Federal Credit Union.


Affiliations

Regulation and Supervision

Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state Credit Union department. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.


Excessive Spending Policy

The objective of this policy is to ensure that Butte Federal Credit Union maintains appropriate oversight and governance over the approvals, reporting and controls relating to expenditures of Butte Federal Credit Union funds to prevent unnecessary, excessive or luxury expenditures.  This policy applies to all employees of Butte Federal Credit Union, including senior management and the President/CEO.
 
This policy was approved by the Butte Federal Credit Union Board of Directors and will become effective on December 14th, 2010. This policy was adopted in accordance with the “Department of the Treasury TARP Standards for Compensation and Corporate Governance” and will be posted on Butte Federal Credit Union’s external website: www.buttefcu.org.
 
The President/CEO and Board of Directors is responsible for the administration and oversight of this policy. Material amendments to this policy must be approved by the Board of Directors.
 
This policy supports Butte Federal Credit Union’s existing expense policies and governance framework for managing the Credit Union’s operations in a prudent, cost-effective manner. Expense-related decisions must be made in furtherance of the Credit Union’s strategic objectives, keeping in mind the best interests of the members. This policy mandates the establishment of an appropriately stratified approval structure for operating expenses, periodic reporting requirements to ensure transparency and stringent monitoring and controls.

Butte Federal Credit Union has adopted policies for expense management and fraud control that govern the expenditure of Butte Federal Credit Union funds for operating purposes. Every expenditure of Butte Federal Credit Union funds for operating expenses must be subject to managerial review and approval prior to payment by an individual who has been granted the appropriate level of delegated authority.  Expenses that fall outside of the normal course of business require approval by the President/CEO or Board of Directors to prevent unnecessary, excessive or luxury expenditures.
 
Delegations of Authority to approve operating expenses are granted by the Board of Directors to the President/CEO, and may be further delegated from the President/CEO to other designated employees. Delegations of Authority must be granted at levels that are commensurate with a employee’s level of seniority, subject matter expertise and at amounts that will ensure appropriate executive level review to prevent unnecessary, excessive or luxury expenditures. Delegations of Authority may be adjusted as necessary to accommodate business needs, geographic and economic conditions, the competitive environment, changes in personnel and other industry or market considerations.

Meetings and events must have a legitimate business purpose. Business meetings, conferences, employee and member events for which the total event cost exceeds a specified dollar threshold are reviewed to ensure cost effective delivery, appropriate selection of venue and other services provided. The purpose of this review is to ensure that meetings and events are cost effective and designed to effectively support Butte Federal Credit Union’s business objectives. The dollar threshold for this meeting and event review may be adjusted by the Butte Federal Credit Union President/CEO or Board of Directors as necessary to accommodate business needs, geographic and economic conditions, the competitive environment and other industry or market considerations.

Expenses may not be paid without the appropriate approvals. Invoices for payment submitted by employees must be approved for payment by the Butte Federal Credit Union President/CEO or other designated employee.

The President/CEO and Vice President of Operations must certify annually that in any instance where the approval of an expense is required from the Board of Directors, that such approval has been properly obtained.
 
Violations of this policy must be promptly reported and escalated through the appropriate channels to the President/CEO and Board of Directors.  Failure to comply with the provisions of this policy described above may result in disciplinary action, up to and including immediate termination of employment.


 
 
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Butte Federal Credit Union
P.O. Box 475
482 B Street
Biggs, CA 95917

memberservices@buttefcu.org

Phone: 530-868-5405
Toll Free: 800-328-5405
Fax: 530-868-1254

Debit Card Lost &Stolen
After Hours: 888-241-2510
Collect: 909-941-1398

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