Yes, Commission meetings are open to the public with the exception of any closed session. They are typically held twice a year, both in April and in October at the Credit Union Division in Raleigh.

The Credit Union Commission was created in 1971 by N.C.G.S. §143B-439. The Commission is composed of seven members who are appointed by the Governor for a term of four years. The following requirements must be met:

• Three members must have had three years or more experience as a credit union director or in management of a state chartered credit union.
• Four members represent the borrowing public and may be members of a credit union but shall not be employed by or a director of any financial institution or have any interest in any financial institution other than as a result of being a depositor or borrower.
• No two persons on the Commission can be residents of the same state senatorial district.
• No member can serve on a board of directors or be employed by another type of financial institution.

The Credit Union Commission is vested with full power and authority to review, approve, or modify any action taken by the Administrator of Credit Unions in the exercise of all powers, duties, and functions vested by law in or exercised by the Administrator of Credit Unions under the credit union laws of this State.

Commission members are appointed by the Governor for terms of four years. In the event of a vacancy on the Commission, the Governor shall appoint a successor to serve the remainder of the term.

Commissioners are only reimbursed for the expenses they incur in the performance of their duties such as mileage or hotel costs.  Commissioners may accept $15 a day for the days in which they are active on the Commission.