MADISON, Wis. (3/14/11)--With the National Credit Union Administration’s recently imposed financial literacy requirements for credit union board members, several educational initiatives are under way nationwide. In Pennsylvania, 40 volunteers from 13 credit unions on Tuesday attended the first in a series of Pennsylvania Credit Union Association (PCUA)-sponsored Director Financial Literacy Workshops at PCUA headquarters in Harrisburg (Pennsylvania Credit Union League Life is a Highway
March 9). NCUA Economic Development Specialist Vanessa Lowe led participants through a discussion on key provisions of the new regulation and guided them through a financial-trends exercise referencing four key ratios and the importance of each. The meeting concluded with an explanation of the seven market and institutional risks that directors should know. Participants received a certificate of attendance at the conclusion of the meeting. Because the NCUA is offering a free credit union workshop May 21 in Houston, the Texas Credit Union League has canceled its Basic and Advanced Volunteers Workshop that was slated for April 2 in Houston (Texas Credit Union League Lone Star Leaguer
March 9). TCUL is offering several training opportunities designed to meet the new NCUA requirements in the coming months. At TCUL’s Annual Meeting & Expo April 26-28, the league will offer a tailored education track for credit union volunteers. One of the sessions available in this track is “ALM Basics of Balance Sheets.” Topics covered include financial statements, balance sheets and income statements; market versus non-market income and expense; the buy and sell process; and primary ratios. “Credit Union Governance: How Do Directors Face the New Reality ” will examine the basics of board service with an emphasis on recent regulatory changes, understanding fiduciary responsibility, governance concepts and how to best manage them. In addition to TCUL’s Annual Meeting & Expo, credit union volunteers can order previously recorded TCUL webinars, which include:
* Required Financial Literacy Training for Directors Under NCUA Guidelines: What Regulators Want & What Directors Should Know.” Presented by Tim Harrington, this webinar explains balance sheets and income statements. Harrington also addresses important ratios that should be monitored during the course of the year. After viewing this recording, credit union volunteers will gain a deeper understanding of the relationship between profit and capital, and why both are important. * Required Financial Literacy Training for Directors Under NCUA Guidelines: Ratios, Concentrations, Investment Valuations and More. Also presented by Harrington, this previously webinar will help directors understand key ratios and their origination and meaning.
Also, at TCUL’s Volunteers’ Forum June 4-5, instructors including Debbie Rightmire, Howard Bufe, Chad Stanislav and Steve Gibbs will present the six courses found in CUNA Board Financial Literacy Certificate program:
* V02--Financial Reports for Volunteers; * V03--Managing Risk for Volunteers; * V409--Financial Management; * V415--Asset-Liability Management for Directors; * V305--The Basics of Risk Assessment for Volunteers; and * V428--Understanding Audit Reports.
Volunteers who take advantage of these sessions at TCUL’s Volunteers’ Forum will have the opportunity to test online at a later date, and earn their certification. The CUNA Board Financial Literacy Certificate Kit includes all six of the CUNA Board Financial Literacy Certificate modules and exams. By successfully passing the exams for each module, participants earn the CUNA Board Financial Literacy Certificate.