Board directors need to have a healthy discussion about the changing financial services market.
While there are multiple viewpoints on the federal credit union industry’s new efforts for directors to smarten up as mandated by the NCUA rule on director financial literacy, an upshot opportunity presents itself in the form of enhanced governance by directors.
The tough NCUA financial literacy requirements for credit union volunteer directors came as a loud wake-up call on Jan. 27, 2011. And the provision came with a requirement that all new directors had to gain financial literacy within six months of their election.
CUNA Mutual Group exec warns of changes in talk at National Directors' Convention in Las Vegas.
It’s not just about your assets. While the NCUA and state regulators certainly care about the raw numbers of credit unions, they are putting more emphasis on scrutinizing how credit unions are run. In other words, the "M" in CAMEL is getting the spotlight.
During a recent Credit Union Leadership Forum web seminar, we discussed the practical and real-world implications of the new NCUA regulations regarding board of director responsibilities.
When the NCUA issues guidance to credit unions on the new rule mandating financial literacy for board members, it should apply the rule narrowly and be "flexible in the rules application and enforcement," NAFCU President Fred Becker wrote in a letter.
Those new NCUA rules taking effect next week on financial literacy for credit union directors continued to stir heightened compliance worries.
Credit union concern over NCUA's financial literacy rules for directors continued to peak Wednesday with CUNA now counting what it called a "huge" signup--1,800 participants--for an audio conference Thursday on the topic.
In compliance with NCUA's Jan. 27 rule on financial literacy for directors, state leagues are revving up their 2011 training and education programs.