The NCUA's financial literacy regulation for board members seeks to ensure that those delegated to carry out the operations of the credit union have the necessary skills, knowledge and experience.
In addition, directors must understand essential accounting principles and correctly interpret their credit union's balance sheets and income statements. These financial documents are an important gauge to measuring the success and performance of the credit union.
A good starting point is to review two of the most important financial statements: the balance sheet and the income statement.
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