MADISON, Wis. (11/14/11)--The Credit Union National Association (CUNA) announced that 795 credit union directors and board members from 257 credit unions have earned their CUNA Board Financial Literacy Certificate in 2011.
CUNA created the certificate to help credit union board members stay compliant with the new National Credit Union Administration (NCUA) requirements and keep abreast of the latest regulatory changes.
The certificate will be offered in 2012 and can be earned after successfully completing exams associated with one of four tracks:
- Attend either the CUNA CU Finance for Non-Financial Managers & Volunteers School April 22-25 in Orlando, Fla., or the CUNA Volunteer Certification School Sept. 23-28 in Long Beach, Calif.
- Attend the CUNA CU Finance for Non-Financial Managers & Volunteers eSchool beginning May 8.
- Complete six self-study CUNA Volunteer Achievement Program courses, including: Financial Reports for Volunteers, Managing Risk for Volunteers, Financial Management, Asset-Liability Management for Directors, The Basics of Risk Assessment for Volunteers, and Understanding Audit Reports.
- Book an in-house training session.
After completing the designated track, applicants must pass the appropriate assessment(s) to earn the CUNA Board Financial Literacy Certificate.
NCUA has issued requirements to ensure that federal credit union directors have a working knowledge of their credit union's financials. The NCUA now requires directors to comply with educational benchmarks that confirm they have at least a working familiarity with the basic finance and accounting practices of their credit union.