In your own idea, explain the Loan Committees and the Approval Process in a brief

explanation.
A loan committee is made up of members of a lending institution's upper
management who have the authority to approve loans that the initial loan officer does
not have. The loan committee's job is to make sure that the loan under consideration
complies with regulatory requirements, the firm's lending policies, and the firm's credit
risk appetite.
Approval Process
•Know everything there is to know about the credit union's different types of credit (ex.
open-end, installment, line of credit, closed-end, etc.)
• Know all credit union policies, procedures, and underwriting guidelines inside and out.
• Understand how to evaluate credit requests.
• Know your credit union's history, philosophy, charter, and by-laws to avoid allowing
personalities to influence your decisions. Examine previous credit committee minutes
Examine the laws and regulations that apply to your credit union's lending practices.
• Keep asking questions until you have a complete understanding of each loan's details.
• Keep the "5 Cs" of credit extension in mind.