Your Source for NCUA Updates Affecting Credit Union Volunteers
CUNA’s Board Financial Literacy Certificate

Trust CUNA to keep you informed of the latest regulatory changes that affect you and your credit union. CUNA will ensure you’re up to speed on the latest industry updates as they happen.

Do you have a plan?
We do and we're here to help.

By successfully earning your CUNA Board Financial Literacy Certificate, CUNA will ensure you’ll meet the NCUA requirement. This certificate can be earned in one of four ways:

1. Attend the CUNA CU Finance for Non-Financial Managers & Volunteers eSchool

2. Attend any of the following schools or conferences: 3. Complete six self-study CUNA Volunteer Achievement Program (VAP) courses including: Financial Reports for Volunteers, Managing Risk for Volunteers, Financial Management, Asset-Liability Management for Directors, The Basics of Risk Assessment for Volunteers, and Understanding Audit Reports. Or, complete these courses online at CPDonline.

4. Complete the CUNA Board Financial Literacy Certificate Kit

5. Book an in-house training session and let the expert come to you. Host a subject matter expert at your credit union for a presentation of targeted financial literacy curriculum. With this option, you’ll enjoy:
  • No travel costs
  • Comprehensive training session led by an industry expert
  • Educate your entire board at once
  • On-site testing offered
  • Certificate recognition for those who pass the exam
For further information or to book your training session, please contact Kevin Smith at 800-356-9655, ext. 4261 or send him an e-mail.

After completing your chosen track, you must then pass the appropriate assessment(s) to earn the certificate.

Learn more about these training options

NCUA Requirement
A recent requirement was issued by the NCUA imposing a new financial literacy rule. The mandatory level of financial literacy will depend upon each individual credit union’s complexity.

This requirement was issued as a result of an increasingly more complex financial industry landscape. Additionally, there has been a heightened concern over credit union losses and an escalation of sophistication of credit union finances. The NCUA would like to ensure that federal credit union directors have a sufficient working knowledge of their credit union’s financials going forward.

The significant points of this rule include:

  • Directors must have at least a working familiarity with basic finance and accounting practices
  • Directors must have the ability to read and understand their credit union’s balance sheet and income statement
  • Directors must be able to ask, as appropriate, substantive questions of management and the internal and external auditors
  • Current credit union directors have until July 27, 2011 to comply

CUNA will bring you more information as it becomes available.

Other training options to ensure you are up to date on the latest industry updates as they happen

To find out more about board/volunteer training resources from CUNA, contact Kevin Smith.




100% Guarantee
CUNA Center for Professional Development is committed to providing a quality learning experience with cutting-edge topics and expert instructors. If for some reason you are not fully satisfied, contact us and we'll provide you a full tuition refund or credit.

Not finding what you're looking for? Click here to submit your topic suggestion or question.

Copyright © 2012 Credit Union National Association