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A special message from Mary Martha Fortney, President and CEO,
April 28, 2008
 As credit unions evolve into increasingly complex financial institutions, the job of the credit union director becomes more and more complicated. Directors must enhance their knowledge and expertise in both credit union operations and regulations to effectively meet their fiduciary duties as their credit unions’ governing boards.
Governance and board training was a much discussed topic among regulators at the recent NASCUS/NCUA National Regulators meeting in early April. Regulators and examiners report an ever growing need for enhanced expertise at the credit union board and committee level.
Several state regulatory agencies are highlighting board education for the credit unions in their states and have held training events to bolster directors’ expertise and update them on current issues. The training sessions include education on topics such as credit union director duties, responsibilities and training, responding to exam findings, risk-focused examinations and critical compliance and regulatory issues.
State regulators have asked NASCUS to provide educational opportunities for directors. NASCUS will hold its first Directors College on August 20 in Seattle, Washington prior to the 2008 State System Summit, August 21-23, 2008. This one-day event is focused on enhancing directors' understanding of the critical statutory, fiduciary and regulatory responsibilities of a director.
Former National Credit Union Administration (NCUA) Chairman Dennis Dollar will kick-off the event with a session on director roles and responsibilities. Linda Jekel, director of the Washington Credit Union Division and immediate past NASCUS Chairman, will detail the regulator and examiner expectations of a director. Sessions also include an overview of essential safety and soundness regulations and the critical elements of compliance. A similar one-day event is also being planned in Michigan. Details on that event will be announced on the NASCUS Web site when available.
You can find more information about the NASCUS Directors College by clicking here. If your state agency would like to partner with NASCUS on a directors training opportunity, please contact Jenny Champagne at jenny@nascus.org.
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