III. Pricing Committee
The Pricing Committee will serve as a Management Committee governed by the Pricing Committee Charter which shall be subject to revisions by the ALCO. The Pricing Committee will be responsible for the operational aspects of financial management for the Credit Union including product pricing strategy which may include promotions, interest rate changes, and fees as governed by the Charter. The Pricing Committee may periodically be delegated other duties as assigned by the Board, ALCO, or the CEO. The Pricing Committee will report to the ALCO as dictated by the Committee's Charter which will be approved by the CEO.
The voting membership of the committee shall consist of the Chief Executive Officer, the Chief Financial Officer, the Vice President of Operations, and the Vice President of Business Development, the Lending Manager, and the Business Development Manager. Others may be invited to attend the meeting periodically or on standing basis as needed. A quorum will be determined by the presence of at least three committee members.
The committee will have the authority to set the schedule of fees, move rates on deposits and loans by 100 basis points each month, create promotional offers, and determine new product offerings including pricing. Communication of rate changes and promotional offerings will be made to the Board within thirty (30) days of any such changes.