In compliance with NCUA's Jan. 27 rule on financial literacy for directors, state leagues are revving up their 2011 training and education programs with a reliance on both in-person visits and webinars, even employing a branding vehicle to draw volunteer participation.
For one, the New Jersey Credit Union League has already labeled its expanded director education programming, the New Jersey Directors Network Alliance, with an "inaugural in-person meeting" set for Jan. 13 in Woodbridge for all New Jersey volunteers.
Under the NCUA rules, new CU directors must have an understanding of "basic finance and accounting practices" and will have six months to meet agency standards. NCUA has said it will be offering training via workshops through its Office of Small Credit Union Initiatives and CUNA has reminded CUs of its ongoing "Financial Literacy Certificate" program. CUNA will also be touching on director literacy during various upcoming seminars including a special session at the annual Government Affairs Conference in Washington in February.
The Credit Union League of Connecticut said it is currently developing "a dues-based board volunteer literacy program, at no cost to member credit unions, which will be available in a variety of formats." And the Massachusetts Credit Union League said it is hard at work in putting together a "team approach" drawing staffers from various disciplines including auditing, training and education to conduct both on-site visits and webinars.
In New Jersey, Paul Gentile, president/CEO of that league, noted the added challenges and burdens faced by directors. "We're quite pleased that we already have 100 volunteers signed up for our Woodbridge meeting," he said. That informational meeting will allow directors to gain guidance on the new rules hearing from various professionals slated to speak to the newly formed Directors Network Alliance.