NCUA Announces Online Financial Literacy Training for FCU Boards
June 16, 2011
June 16, 2011
The National Credit Union Administration (NCUA) is offering a training module on financial statements for federal credit union (FCU) volunteer officials on the NCUA LearnCenter.
The training module takes approximately one hour to complete and is designed to introduce financial statement concepts to board members with non-financial backgrounds. The cost of the training is $15, collected via ACH, using information collected during the registration process.
Volunteers do not have to get certified. The financial skills requirements outlined in NCUA Rule 701.4 general authorities and duties of federal credit union directors will take effect on July 27, 2011. The rule requires FCU board members to have a working familiarity with basic finance and accounting practices.
The NCUA Letter to Federal Credit Unions (11-FCU-02), issued in February, has more details regarding financial literacy requirements.
The NCUA’s training module is intended to assist FCU board members in achieving regulatory financial literacy requirements. However, completing this training module alone may not be sufficient for larger or more complex FCUs. The agency continues to encourage FCUs to develop policies to educate board members in a manner that is appropriate for the size and complexity of their institutions.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.