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Mar 11, 2013
Categories: Board and Governance BSA Operations

The Extra 30 Minutes & Director Education

Written by Steve Van Beek

On Friday I blogged about the Importance of Informed, Decisive and Strategic Board Members.  Over the weekend, I read another article that highlighted this issue and included a great tip.  The article was from NCUA Board Member Michael Fryzel and states:

"Recently, when visiting a credit union, I heard an excellent idea on helping board members better understand the many aspects of the financial services world. I call the idea "the extra 30."

Each month, prior to their board meeting, directors arrive at the credit union 30 minutes early. Those extra 30 minutes are then spent listening, asking questions and learning about one specific topic that will help them do their jobs better.

The range of subjects covered during the extra 30 minutes can be anything from the value of passbook accounts to asset liability management. It can even be a discussion on an NCUA regulation or the benefits of derivatives.

The extra 30 sessions should be concise, plain English presentations that provide solid information on a particular subject. The session should leave the participants knowing a little more than they knew before and eager for what is to come at the next session."

Of course, when I'm reading the section above I'm thinking about ways credit unions can use NAFCU's Online Training Program which includes 14 unique modules for boards. The majority of the modules are between 25 and 35 minutes in length - a great way to train during "the extra 30 minutes."

Board Member Fryzel continues:

"Director education is one of the most important functions of a credit union. The people entrusted with fiduciary responsibility need to know what their credit union is doing and what they are voting to approve when making decisions. Credit unions must continue to provide directors with the opportunity to understand and become familiar with the many aspects of our ever changing financial world. The first step in achieving that goal is to make education easy, available and understandable.

What better way to begin than with just an extra 30?"

Again - this builds on Friday's blog post on the Importance of Informed, Decisive and Strategic Board Members.  

***

Modules from NAFCU's Online Training Program. Below is a listing of the 14 board modules in NAFCU's Online Training Program:

  1. The Nature, Foundation and Organization of Federal Credit Unions (33 minutes)
  2. The Role of the Federal Credit Union's Board (34 minutes)
  3. The Role of the Supervisory Committee (33 minutes)
  4. Ethics and Fiduciary Duties (26 minutes)
  5. The Regulation of Federal Credit Unions (23 minutes)
  6. The Examination of Federal Credit Unions (38 minutes)
  7. Risk Management (36 minutes)
  8. Privacy, Security & Identity Theft (19 minutes)
  9. The Bank Secrecy Act, Money Laundering and Financial Crime (44 minutes)
  10. Asset Liability Training (35 minutes)
  11. Discrimination Issues for Credit Unions (32 minutes)
  12. On-Demand Webcast:  Essential Financial Literacy Education (60 minutes)
  13. On-Demand Webcast:  Corporate Governance and Board Fiduciary Duties (90 minutes)
  14. On-Demand Webcast:  BSA & OFAC Compliance for Directors and Supervisory Committee Members (75 minutes)

I see numerous opportunities to get your extra 30!  You can get a sneak peek at the Online Training Program here.

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