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On-Site Coverage: NCUA Strengthens Rules On Conversions and Requirements for Volunteers

ALEXANDRIA, Va.--Board members of FCUs 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.

By Claude R. Marx | Updated on December 15, 2010

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.

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