Compliance Blog

Written by Steve Van Beek

Yesterday, we blogged on the latest The Federal Credit Union magazine - including an article on The Vital Life of the CU Director.

Well, that article isn't the only one focusing on the role of the credit union's board of directors.  The NCUA Report has included detailed articles in both the January and February issues.

The January issue had an article from Region V titled Strong Board Leadership is Essential for Successful Credit Unions.  The article includes this summary:

"We found the most successful directors display three overarching and essential characteristics.

• They have a clear understanding of their role.
• They are engaged in critical decisions.
• They have a strategic mindset."

You can find the full article here.

The February issue includes an article from NCUA Chairman Debbie Matz titled Volunteer Directors Play Critical Role in Safety & Soundness (continued on page 6).

The article focuses on the board's duties to oversee the direction of the credit union as well as their risk management duties - including:

• Interest Rate Risk
• Third-Party Risk - including

1. Credit Risk; and
2. Reputation Risk

• Aging Membership

The article ties risk management back into overall safety and soundness.  

Read together - these articles provide a compelling case for informed, decisive and strategic credit unions boards.

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With the above in mind, I wanted to share two NAFCU resources to help ensure your credit union's board is informed, decisive and strategic.  

NAFCU's Board of Directors & Supervisory Committee Conference.  NAFCU's 32nd Board of Directors Conference will be held May 15 - 17 in beautiful Asheville, North Carolina.  You can view the conference agenda here, which includes the following:

• Bank Secrecy Act and Risk Management with NAFCU's Anthony Demangone

• Fiduciary Duties and Ethics: The Top 10 Things Credit Union Directors Need to Know with NAFCU's Carrie Hunt

• Strategic Succession Planning

• How the CFPB Impacts Your Credit Union with Yours Truly

• Regulatory Update with NAFCU's Carrie Hunt

And, much more - including the opportunity to earn Bank Secrecy Act and Financial Literacy training certificates.  You can find additional information here (including the full conference brochure).

Sign up by March 22nd to get the early-bird rate!

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NAFCU's Online Training Program.  NAFCU also offers an affordable online training program for credit unions.  The program includes 14 modules for board members - including two on the Bank Secrecy Act and one on Financial Literacy (training certificates are available for board members who view those modules).  You can find FAQs here and pricing information here.  If you have any questions - just shoot me an email and I'll help in any way I can.     

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Be sure to pass the articles and the training opportunities along to your management and board.  And, remember that all of NAFCU's educational events - including our Board of Directors conference and Online Training Program - are open to all credit unions regardless of NAFCU membership.

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Have a great weekend!