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CUNA offers Board Financial Literacy Certificate
MADISON, Wis. (12/20/10)--In response to a recently issued National Credit Union Administration (NCUA) requirement regarding board financial literacy, the Credit Union National Association (CUNA) is helping credit unions prepare by offering a board financial literacy certificate. To offer flexibility in fulfilling the NCUA requirement, CUNA offers several options for obtaining the certificate. An entire board of directors may complete the certificate at once or it may be earned on an individual basis. To earn the CUNA Board Financial Literacy Certificate, directors must fulfill one of four options:
* Attend the CUNA CU Finance for Non-Financial Managers & Volunteers eSchool, May 4 through June 15; * Attend the CUNA CU Finance for Non-Financial Managers & Volunteers School, April 3-6, in Nashville, Tenn.; * Complete six self-study CUNA Volunteer Achievement Program courses; or * Book an in-house training session. A subject-matter expert will be available to travel to credit unions for a two-day presentation of a targeted financial literacy curriculum. For further information, contact ksmith@cuna.coop, or call 800-356-9655, ext. 4261.
Upon completion, participants must pass appropriate assessment(s) to earn the certificate. Also, CUNA is preparing an audio conference for January that will give credit unions an overview of the new NCUA rule and suggested training options on how to meet rule’s requirements. The recent requirement issued by the NCUA imposes a new financial literacy rule. The mandatory level of financial literacy will depend upon each individual credit union’s complexity. This rule was issued as a result of an increasingly complex financial industry landscape. Also, credit union losses and an escalation of sophistication of credit union finances have created heightened concern over direct fiduciary responsibility. The NCUA would like to ensure that credit union directors have a sufficient working knowledge of their credit union’s financials going forward. The significant points of the rule require directors to have:
* At least a working familiarity with basic finance and accounting practices; * The ability to read and understand their credit union’s balance sheet and income statement; and * The knowledge to ask, as appropriate, substantive questions of management and internal and external auditors.
For more information about the certificate and the new requirement, use the link. For questions, contact 800-356-9655, ext. 4249 or training@cuna.coop.
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