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By successfully earning your CUNA Board Financial Literacy Certificate, CUNA will ensure you're meeting the NCUA requirement that credit union volunteers have a proven level of financial literacy. Earn your certificate in one of four ways:
1. Attend either of the following schools or conferences and pass the associated exam:
CUNA CU Finance for Non-Financial Managers & Volunteers School
April 13-15, 2015 • Las Vegas, NV
CUNA Volunteer Certification School
September 21-26, 2014 • Vancouver, B.C.
2. Attend the following eSchool and pass the associated exam:
CUNA CU Finance for Non-Financial Managers & Volunteers eSchool (recorded)
Available March 4-December 31, 2014
Six classroom sessions
3. Complete the following self study kit:
CUNA Board Financial Literacy Certificate Kit
4. Book an in-house training session:
Host a subject matter expert at your credit union for a presentation of targeted financial literacy curriculum. With this option, you'll enjoy no travel costs, comprehensive training, on-site testing and certificate recognition for those who pass the exam. For further information or too book your session, please contact Kevin Smith at 800-356-9655, ext. 4261 or send him an email.
A recent requirement was issued by the NCUA imposing a new financial literacy rule. 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