Training for Directors

Unite for Good -- Credit Unions Tell your Story
Home > Education > Financial Literacy for Volunteers

Financial Literacy for Volunteers

NCUA Requires Training for New Directors

NCUA Regulation Part 701.4 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....”

Any director serving on a federal credit union board on or before January  2011 needed to comply with the financial literacy requirements before July 2011. Directors elected or appointed later have to satisfy the financial literacy requirements within six months of being seated.

The rule doesn't specifically apply to state-chartered credit unions or to supervisory committee members, but training for those volunteers is still recommended as a best practice. All credit unions should have financially literate boards, and the options for training and learning are expanding daily.

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:

 

About Us

Network Governance
Full Staff Listing
Credit Union Chapters

Contact Us

Credit Union Jobs

Compliance

InfoSight
CU PolicyPro
Fraud Resource Center
Compliance Training Tools

 

Advocacy &
Government Relations

Advocacy
     National Programs
     State Programs

Government Relations
     Montana Government
     Federal Government Affairs

Political Action

(MCUCD)
Community Development 

Education

Conferences and Trainings
Distance Learning
Financial Literacy for Volunteers

Economics

League Service Group

Directly Provided Services
Group Benefit Trust

Communications & PR

Credit Unions in the News
President's Report
Photo Galleries
Network News
News Archive

Credit Union Directors

The Director's Job
Volunteer Recognition
Helpful Resources
The Blog "A Direct Line"

Consumers

Find a Credit Union Near You
T
ip of the Week
Topic of the Month
Reciprocal Check Cashing

Montana's Credit Unions

Credit Unions in the News
Credit Unions for Kids
Credit Union Philosophy