WASHINGTON-Eighteen months after new rules required volunteer directors to better understand what makes a federal credit union tick, board members are generally better prepared to do their jobs, according to industry analysts.

In many cases in recent years board members found themselves surprised and unprepared when their credit unions failed or got into trouble following the financial crisis and the real estate downturn. That led NCUA on July 27, 2011, to enact Rule 701.4, which required board members at federal credit unions to have a "working familiarity with basic finance and accounting practices."

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.