Season Greetings Compliance friends, I hope everyone is enjoying the holidays!
As work-related obligations tend to slow down around the holidays, I sometimes try to use this time effectively by catching up on any webinars or training I might have missed throughout the year. Some of these are required based upon my NCCO or CLE obligations, while others are just fun topics I’ve been interested in and want to learn more about! It seems many credit union Board members have also found some time to kill, since NAFCU has been asked a few times over the past week about NCUA’s training requirements for board members.
Rather than specific board training requirements, NCUA provides general guidelines addressing the Board’s oversight of the credit union, financial literacy and fiduciary duties among other topics. From there, the credit union’s internal policies and procedures typically set guidelines for what training is required of the board. Thus, training policies can range widely from credit union to credit union. NAFCU has also compiled a helpful list summarizing the training requirements for all credit union employees. That being said, let’s take a journey through some of NCUA’s expectations for the Board of Directors in several areas:
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