The Supervisory Committee, in compliance with the Federal Credit Union Act and MassMutual Federal Credit Union’s bylaws is responsible to make or cause to be made an annual audit of the credit union and such supplementary audits as it deems necessary or as may be ordered by the Board of Directors. During this past year, the Supervisory Committee engaged the independent auditing firm of CliftonLarsonAllen LLP to conduct an audit of the Credit Union’s financial statements. That audit concluded that the financial statements present fairly, in all material respects, the financial position of MassMutual Federal Credit Union as of March 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
CliftonLarsonAllen LLP (CLA LLP) was engaged to conduct a review of the Automated Clearing House (ACH) operations as well as a verification of members’ accounts. CLA LLP was also engaged to review compliance with applicable Bank Secrecy Act rules, Office of Foreign Assets Control (OFAC) regulations, and S.A.F.E. Act requirements. The audits and reviews produced generally favorable results along with some recommendations for Credit Union Managements consideration.
Various aspects of the Credit Union’s operations, processes, policies, and financial records are examined by the Supervisory Committee, based upon an annual risk assessment. All activities, audit results and recommendations were discussed and reviewed with MassMutual Federal Credit Union management and the Board as applicable during the year. Action items are recorded and tracked in a log of outstanding items to ensure recommendations are actively implemented. In addition, on a quarterly basis, the Supervisory Committee attended Board of Directors Meetings and informed the Board of the Supervisory Committee’s activity.
As members of the Supervisory Committee, we believe that we are fulfilling our federally required obligations and, in our opinion, the records and accounts of the MassMutual Federal Credit Union are in proper order.
Jess Shea, Supervisory Committee Chairman
Jerry Blais, Supervisory Committee Member
Paul Malandrinos, Supervisory Committee Member
Brandon Williams, Supervisory Committee Member