ALEXANDRIA, Va.– Board members of federal credit unions will only get limited exemption from being sued for some of their actions and will have to gain proficiency reading balance sheets if they don't already have it, according to regulations approved by the NCUA last Thursday.

Within six months of joining an FCU's board-which NCUA changed from its initial proposal of three months following complaints in some comment letters-volunteers will have to develop a level of financial proficiency, which includes basic finance and accounting proficiency.

Under the rule, FCUs aren't allowed to indemnify officials and employees against liability based on "aggravated breach of duty of care when a breach affects members' rights and financial interests." But the board changed the rule, after reading comment letters, to allow FCUs to lend board members money to mount a legal defense

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