NCUA Literacy Rule Stirs Trade/Vendor Offerings
NCUA's new financial literacy rules for volunteers are triggering a run this week on financial education packages, both in-person and online, with an eye toward assisting directors weak on computer skills.
CUNA, for one, said it has begun putting together its literacy training into a new "certificate" program with certification earned by individual directors or in groups after participants undergo both web and in person education sessions.
The sessions include two separate conferences called "Finance for Non-Financial Managers & Volunteers" in Nashville in May and another in June plus seminars slated for the Governmental Affairs Conference in February in Washington.
NAFCU said it, too, will address the literacy rules in a Feb. 2 webcast on fiduciary duties plus the topic will be featured at its Volunteers Conference May 18-20 in Savannah, Ga.
The new rules require each director obtain a minimum ability to read a CU income statement and balance sheet. Directors will be given six months to receive training in financial literacy with NCUA providing both Internet-based and 50 regional training sessions in the coming months.
"We are working with CUNA on offering a high quality program but we also want to make this as convenient and worthwhile to our directors so we are looking at setting up in-person sessions on our own," said Rhoda Rumbaugh, assistant vice president of education and professional development at the Pennsylvania Credit Union Association.
CU operations can be complex, she said, which is why "we want Pennsylvania directors to be comfortable and equipped" to deal with the rules. Both national and state trade officials stress that CU directors represent a diverse background with both highly skilled CPAs and business leaders as well as those with non-financial backgrounds. "We always look at this as a positive that credit union directors come from all walks of life," Rumbaugh said.
Apart from the trades, one vendor, CUConferences of St. Louis, said it will be offering a session on the literacy rules during its annual National Credit Union Conference for Directors and Senior Management May 16-19 in Las Vegas.