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June 22, 2016
Demangone talks CU volunteer basics on CUbroadcast
NAFCU Executive Vice President and COO Anthony Demangone told CUbroadcast last week that the primary fiduciary duties volunteers need to focus on are the duties of care and loyalty, as set forth in his Credit Union Director Handbook.
"The duty of care is do your homework, be prepared, and for the bigger issues you have to spend more time and more focus to make a reasonable decision," Demangone said. "The other one is duty of loyalty, in that if there's ever a conflict of interest between you and what you want to do and the credit union, the credit union always wins."
During his NAFCU Certified Volunteer Expert Workshop at the association's Annual Conference in Nashville, Demangone walked volunteers through the 10 fundamental areas of how credit unions work and the main duties of volunteers. The workshop was based on Demangone's handbook, which was distributed to all volunteer participants.
"My goal was to give a very broad-based, high level overview so everybody knows the fundamentals, and then you can build off of that," Demangone said.
In addition to fiduciary duties, Demangone emphasized the importance of risk management, including reputation risk, and he discussed the key financial ratios that every volunteer should understand. He said the workshop helped 48 attendees become NCVE-certified.
"The duty of care is do your homework, be prepared, and for the bigger issues you have to spend more time and more focus to make a reasonable decision," Demangone said. "The other one is duty of loyalty, in that if there's ever a conflict of interest between you and what you want to do and the credit union, the credit union always wins."
During his NAFCU Certified Volunteer Expert Workshop at the association's Annual Conference in Nashville, Demangone walked volunteers through the 10 fundamental areas of how credit unions work and the main duties of volunteers. The workshop was based on Demangone's handbook, which was distributed to all volunteer participants.
"My goal was to give a very broad-based, high level overview so everybody knows the fundamentals, and then you can build off of that," Demangone said.
In addition to fiduciary duties, Demangone emphasized the importance of risk management, including reputation risk, and he discussed the key financial ratios that every volunteer should understand. He said the workshop helped 48 attendees become NCVE-certified.
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