MADISON, Wis. (1/7/11)--Credit union boards of directors will have plenty of opportunity to beef up their training and address regulations coming their way this year. State leagues and associations, as well as the Credit Union National Association (CUNA), already are announcing training schedules for boards during 2011, including a free audio conference next week. This year, board members will need to know more, get serious with stricter fiduciary duties in a more complex and almost overwhelming regulatory environment. To top that off, they specifically must comply with the National Credit Union Administration's (NCUA's) new financial literacy rule, which goes into effect in July. CUNA has already announced its training opportunities for boards. CUNA and the leagues will offer a free audio conference at 2-3:30 p.m. CT on Jan. 13, which is entitled "Implications of the New NCUA Requirements for Directors." It will cover key requirements of the new rule, limits on indemnification and how it relates to directors' and officers' insurance purchase decisions, what areas in the rule to focus attention, and more. Use the resource link for more information. The literacy requirement also has resulted in CUNA's new Board Financial Literacy Certificate, where directors can opt to fill one of four options to be certified as financially literate. The options include:
* Attend CUNA's CU Finance for Non-Financial Managers & Volunteers eSchool, May 4-June 15; * Attend CUNA's CU Finance for Non-Financial Managers & Volunteers School, April 3-6, Nashville, Tenn.; * Complete six self-study CUNA Volunteer Achievement Program (VAP) courses; * Book an in-house training session, where a subject matter expert will travel to credit unions for a two-day presentation of targeted financial literacy curriculum, by e-mailing firstname.lastname@example.org
or calling 800-356-9655, ext. 4261.
At least three leagues are providing programs of their own. In Michigan, the Michigan Credit Union League will offer financial Volunteer Achievement Programs at its Spring Leadership Development Conference March 25-27--three of the six VAP programs in CUNA's certificate program. The other three VAP programs will be featured at the league's Fall Leadership Development Conference on Sept. 16-18 (Michigan Monitor
Jan. 3). The Texas Credit Union League is offering webinars, workshops and conferences throughout the year for volunteers. "The league is committed to providing quality training programs for our dedicated credit union volunteers who so unselfishly serve this movement," said Tonya Farmer, vice president of training and events at the league. "Providing board of directors and other credit union volunteers with access to the educational programs they need to competently lead their institutions is critical," she added. It will offer "Required Financial Literacy Training for Directors under NCUA Guidelines" events, which include a webinar on Feb. 15 about what regulators want and what directors should know; a webinar on March 3 about ratios, concentrations and investment valuations and more; a new volunteer workshop and advanced volunteer workshop on March 26 in Dallas; and special sessions for boards at the league's Annual Meeting and Expo in Austin April 26-28. It also will have a Volunteers Forum June 4-5 in San Antonio. The New Jersey Credit Union League added a special director education session on March 23 at its Credit Union Reality Check 2011 conference, which meets March 21-23. "We thought it was vital to add this special session so our director attendees can get this important education as they attend" the conference, said league President/CEO Paul Gentile. Those attending the dinner-hour session will receive a complimentary meal, he said (The Daily Exchange