CUNA Credit Union Board Financial Literacy Certificate

Stay informed on the regulatory changes that you need to know

The NCUA requirement for credit union board members to display a proven level of financial literacy makes it crucial that you have the opportunity to do so. Through the CUNA Credit Union Board Financial Literacy Certificate, you can stay up to speed on the latest regulatory and financial climate changes to keep you informed and meet the requirements.

How to earn:

    NCUA Requirement

    A mandatory financial literacy rule has been issued by the NCUA. 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 board members have a sufficient working knowledge of their credit union’s financials going forward.

    The significant points of this rule include:

    • At least a working familiarity with basic finance and accounting practices
    • The ability to read and understand their credit union’s balance sheet and income statement
    • The ability to ask, as appropriate, substantive questions of management and the internal and external auditors

    See more solutions for your needs as a board member.