FOR IMMEDIATE RELEASE
Contact: Mark Wolff
MADISON, Wis. - In response to the recently issued NCUA requirement regarding board financial literacy, CUNA is helping federal 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 - June 15, 2011.
- Attend the CUNA CU Finance for Non-Financial Managers & Volunteers School, April 3-6, 2011 in Nashville, TN.
- Complete six self-study CUNA Volunteer Achievement Program (VAP) courses.
- Book an in-house training session. A subject matter expert will be available to travel to credit unions for a two-day presentation of targeted financial literacy curriculum. For further information or to book a training session, e-mail email@example.com or call 800-356-9655, ext. 4261.
Upon completion, participants must pass the appropriate assessment(s) to earn the certificate.
In addition, 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 the new rule.
The recent requirement issued by the NCUA imposes a new financial literacy rule upon federal credit unions. The mandatory level of financial literacy will depend upon each individual credit union's complexity.
This requirement was issued as a result of an increasingly more complex financial industry landscape. Additionally, there has been a heightened concern over credit union losses and an escalation of sophistication of credit union finances. The NCUA would like to ensure that federal credit union directors have a sufficient working knowledge of their credit union's financials going forward.
The significant points of this rule include:
- Directors must have at least a working familiarity with basic finance and accounting practices
- Directors must have the ability to read and understand their credit union's balance sheet and income statement
- Directors must be able to ask, as appropriate, substantive questions of management and the internal and external auditors
For more information about the certificate and the new requirement, visit training.cuna.org/boardreq. For questions, call 800-356-9655, ext. 4249 or e-mail firstname.lastname@example.org.
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With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 7,700 state and federally chartered credit unions, which are owned by nearly 92 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visitwww.cuna.org.