Genuine Parts Credit Union has as its mission the responsibility for providing an efficient, effective, and well-managed financial institution that meets the needs of its membership. In order to accomplish this mission, the Genuine Parts Credit Union will continue a sound yet progressive asset management strategy and provide new and improved financial services to current and future members through membership input and management initiatives.
History and Structure
Genuine Parts Credit Union was chartered on January 25, 1937 and is dedicated to providing Savings and Loans services to Genuine Parts Company employees. When you become a credit union member, you become one of its owners and you play an active role in guiding the credit union.
The credit union is organized into three principal governing bodies:
The Board of Directors has the responsibility of setting policy and controls the general direction of the credit union. There are presently seven directors and one alternate director serving on the Credit Union Board.
The Credit Committee is charged with the supervision and approval of loans under the policies set by the Board of Directors. There are presently three members serving on the Credit Committee.
The Audit Committee is responsible for a regular examination of credit union records, and to assure compliance with the rules and regulations under which the credit union operates. In addition to the supervisory committee’s annual review, the Department of Banking & Finance through the State of Georgia examines credit union records annually.
The directors are volunteers confirmed by the membership for four-year terms. Committee members are volunteers appointed by the Board of Directors. In addition, the credit union employs a Manager and staff to provide the membership with prompt, courteous service.
Additionally, the credit union has a Compensation Review Committee which is responsible for ensuring that compensation for employees of the credit union is competitive compared to comparable positions in the marketplace. A Marketing Committee has also been created to ensure that there is controlled and sustained growth of the credit union through the obtainment of new members and member loans, including those from locations outside of the metro Atlanta area. Finally, the credit union has an Information Technology Committee which helps the credit union stay current in the marketplace with the technology needed to operate the credit union efficiently. This committee also ensures that the credit union maintains compliance with the regulations of the Georgia Department of Banking and Finance.