Mr. Joe Mulvey:

I thank the Chairman and members for the opportunity to appear before them today. The forum has some reservations about the name. While the legislation in this area in the Six Counties retains the title "supervisors", the trend here is to use the term "board oversight committee". The word "oversight" causes us some concern in that it could be understood to mean we will have an oversight function, or not, as the case may be. In every other jurisdiction in which credit unions operate the term "supervisory committee" and its role is clearly defined. No one has ever sought to change that title or role. Our proposal is in some way conciliatory to the desires of the people who drafted this Bill. While we are were willing to meet them half way we would wish to retain the identity of being independent of the board and of our being not just another committee within the board but a supervisory committee of the boards and their activities around credit unions countrywide. That was the reason for our original suggestion. Our preferred choice would be to retain the title of supervisory committees within the credit union structure. However, failing this we would prefer to be renamed "oversight board", which ensures our autonomy and identifies our independence and the role which we play within the credit union structure.