News

League Webinar Will Focus on 7 Critical Risk Areas Directors Should Track — 8/8/16

League member credit unions under $20 million in assets eligible for reduced pricing for archived webinar

The NCUA now requires that all credit union directors have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the credit union’s balance sheet and income statement. Directors don’t have to become a financial expert, but are required to understand the monthly financial reports and operations risk areas, and be able to independently assess proposals and financial data provided by management. The topic will be the focus of a webinar slated for Wednesday, September 7 at 3:00 –4:30 p.m. E.T. through the League sponsored Webinar Network.

This informative session is designed especially for newly appointed or elected directors and for committee members who are likely to become directors.

This webinar will review Letter to Federal Credit Unions No. 11-FCU-02, which establishes the financial literacy requirement, and provide a detailed explanation and supplemental narrative to explain what the standard actually means, how you can meet the compliance requirements, and how it will make you a more effective director.

Some highlights of the webinar will include:

  • NCUA Regulation 701.4, General authorities and duties of Federal credit union directors;
  • Six key provisions for directors mentioned in Letter to FCU No. 11-FCU-02;
  • Basic financial skills directors are expected to know;
  • Seven risk areas NCUA specifies, and one critical risk they didn’t mention;
  • Required elements in the financial literacy policy your credit union must have

Take-Away Toolkit for participants

  • Sample financial literacy policy
  • Sample NCUA Financial Performance Report (FPR) ratios
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

Webinar registration information may be found here. League member credit unions under $20 million in assets are eligible for reduced pricing for the archived webinar.

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