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In late January, the NCUA announced some new rules, and clarified others, applicable to boards of federally chartered credit unions. Everyone is focused on the new NCUA requirements for financial literacy in board members, but some may be overlooking an even more important pronouncement: The NCUA stated that while boards may (and in our opinion, should) delegate operational responsibility to credit union senior management, they cannot delegate their responsibilities for direction and control of the credit union.

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