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Final regs on fiduciary duties, appraisals online
NAFCU members can download the association's Final Regulations on federal credit union directors' fiduciary duties and interagency appraisal guidelines now via this website.
Thefiduciary dutiesrule, adopted by the NCUA Board Dec. 16, sets a financial literacy requirement for all federal credit union directors that NAFCU will address in its May Volunteers Conference and via its Online Learning Resources for volunteers and new staff.
Beyond requiring an ability to understand credit union balance sheets and income statements, the final rule also addresses the scope and standards of FCU directors' fiduciary duties, directors' duty to act in the best interests of the membership and the need to administer the affairs of the credit union fairly and impartially.
NCUA is a party to the revised interagencyappraisal guidelines, a change from the last set that was issued in 1994. The guidelines address minimum regulatory standards (including appraiser independence), evaluations of collateral and more.
The fiduciary duties rules takes effect Jan. 27; the revised interagency guidelines on appraisals became effective Dec. 10.
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