Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.
Other Resources

RSS print
News Now LiveWire
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
15 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
16 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
17 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
18 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
18 hours ago