The board of the National Credit Union Administration on Thursday approved a rule raising financial literacy standards for credit union directors.
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For the first time, the nation's 75,000 volunteer credit union directors will have to demonstrate a minimum ability to read a credit union income statement and balance sheet.
The requirement comes amid growing credit union losses and increasing sophistication of finances. The required level of financial literacy will depend on each credit union's complexity.
Directors have six months to receive training. The NCUA will provide Internet-based and up to 50 regional training sessions in coming months.
