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 today.

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 would have to develop a level of financial proficiency, which includes basic finance and accounting proficiency. This training can be done by credit union employees, outside sources or, in the case of small credit unions, the NCUA's Office of Small Credit Union Initiatives.

The rule also makes changes on the rules for converting from banks to credit unions. It mandates that in such cases the credit unions must break down the costs of converting and distribute it to members and provide "complete and accurate" information about possible changes in service, such as branch closings or access to a shared branching network.