New NCUA Regulations
on
Fiduciary Duties and Liabilities
Are Your Volunteers Ready?
With a much more activist approach to examinations and the issuance of new regulations, the NCUA (and state regulators) are clearly signaling that much more will be expected of your volunteers (and employees) in the future.
What your Credit Union now needs:
| • | Regulators' view of Fundamental Duties. NCUA's new “fiduciary duties” regulation spells out new “good faith” standards that your directors (and other volunteers) must meet. Do your volunteers really understand their fiduciary duties to the Credit Union and how to go about meeting (and properly documenting) them? |
| • |
Volunteer (and Employee) Protections. Does your Credit Union know how to best protect its volunteers and staff from regulator actions and member threats?
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| • | The credit union and bank deposit insurance funds have incurred massive losses, with more to come. The regulators are reacting with new regulations, increased exam procedures and heightened scrutiny on executives and volunteers. Your Credit Union needs to protect itself to respond appropriately. |
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,
STYSKAL, WIESE & MELCHIONE, LLP
