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Regulations mean CU boards must be informed
MADISON, Wis. (7/1/10)--Legislation could be on its way in 2011 that will impact volunteers who serve on credit union boards and committees. While the exact requirements of the National Credit Union Administration’s (NCUA) proposed regulation won’t be known until it passes, the Credit Union National Association (CUNA) offers resources for board directors and volunteers to ensure they understand whether credit unions are safe and sound. NCUA’s proposal clarifies the fiduciary duties and responsibilities of federal credit union directors, including requiring directors to understand credit unions’ balance sheets and income statements (use the link). CUNA recently released a case study, “Investment in Training for Credit Union Volunteers Returns Value.” In it, six credit union volunteers shared their thoughts on the impact and benefits of their experience with volunteer training. Steve Gray, board chair of OnPoint Community CU, Portland, Ore., said in the case study that his board required each member to complete at least six Volunteer Achievement Program modules during the first term. “The stakes are high,” he said. “We are a major player in all our financial markets. We need to be educated.” CUNA offers the Online Volunteer Training on Demand, the Volunteer Certification Program and the Volunteer Achievement Program. In the programs, volunteers learn about:
* Governance and ethics; * Safety and soundness--including income statements and balance sheets; * Strategic planning; * CEO oversight; and * Board operations and development.
For more information, use the links.
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