Training for Directors

  • May 13, 2015 (5:30 PM) - May 15, 2015 (11:30 AM): Annual Convention & Exposition
  • September 15, 2015 (1:00 PM) - September 16, 2015: Director/CEO Forum
  • September 16, 2015 (1:00 PM) - September 17, 2015: CEO/Managers Roundtable
Home > Education > Financial Literacy for Volunteers

Financial Literacy for Volunteers

RequireD Training for CREDIT UNION BOARDS OF Directors

NCUA Regulation Part 701.4 (as of July 2011) states that federal credit union (FCU) board members need to…

"have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union’s balance sheet and income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors....”

Directors elected or appointed have to satisfy the financial literacy requirements within six months of being seated.

*As of October 1, 2015, state chartered credit unions in Montana will be required to provide financial literacy training to their board members. It is a result of SB 53 and should be within 6 months of appointment or election and include "basic finance and accounting practices and principles, including the ability to read and understand the credit union's balance sheet and income statement and the ability to ask substantive questions of management and auditors commensurate with the size and complexity of the credit union's operations."  

The Network intends to coordinate a webinar training the summer of 2015 for directors. Stay tuned for details or contact Donya or Tracy.

The details of what is expected are discussed in NCUA Letter 11-FCU-02 and the attachment.

Credit unions interested in Director Financial Literacy can use the following options:

  • The Smart MOVES program offers training at your credit union or board meeting.
  • NCUA previously had an online training module on financial statements, but as of April 2015 it has been removed and is under revision.

 

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