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CU director fin-lit rules kick in next month NCUA
WASHINGTON (12/28/10)--National Credit Union Administration (NCUA) rules that require federal credit union directors to have or gain an understanding of "basic finance and accounting practices” will come into effect on Jan. 27, the agency has said. The NCUA earlier this month introduced and approved a proposal that requires credit union directors to not only carry out their duties in good faith, but also have or gain an understanding of "basic finance and accounting practices." According to the NCUA, federal credit union directors who are added or elected before the Jan. 27 effective date must comply with the financial literacy requirements by July 27. The NCUA said that directors who are not yet well-versed in financial terminology or have not yet received financial literacy training should do so in 2011, the NCUA said. Directors who join credit unions after Jan. 1 must comply with the financial literacy standards within six months of their join date. The NCUA said that it will offer training via a workshop provided through its Office of Small Credit Union Initiatives. Just last week, the Credit Union National Association (CUNA) announced that it is offering a Board Financial Literacy Certificate in response to the new NCUA board financial literacy requirements. For the NCUA release and a link to CUNA’s Board Financial Literacy Certificate program, use the resource links.
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