Credit Union Practices study plan
Credit Union Practices · Give each week a clear focus.
8 weeks · About 7 hours per week
Credit Union Structure, Governance, and Regulatory Framework
Diagram the credit union regulatory hierarchy (NCUA, state regulators, FFIEC) and explain the dual-chartering system
Compare credit union governance (volunteer board, supervisory committee, credit committee) with bank governance
Summarize key provisions of the Federal Credit Union Act and NCUA regulations
Identify the roles of the board, supervisory committee, and management in safety and soundness
Your checkpoint
Create a one-page comparison chart of credit union vs. bank governance and regulatory structure
Lending and Credit Administration
Explain the underwriting process from application to decision, including the 5 Cs of credit
Calculate debt-to-income and loan-to-value ratios for sample loan applications
Differentiate consumer lending regulations (TILA, RESPA, HMDA, ECOA) and their documentation requirements
Describe the loan review and classification process (past due, nonaccrual, charge-off)
Your checkpoint
Complete a case study underwriting a consumer loan, including ratio calculations and a written recommendation
Lending and Credit Administration & Member Services and Account Operations
Outline the member account opening process, including CIP and due diligence requirements
Compare share account types (regular shares, share drafts, share certificates, IRAs) and their features
Explain the loan application and closing process, including required disclosures and timing rules
Analyze member service scenarios involving account holds, stop payments, and dispute resolution
Your checkpoint
Develop a checklist for opening a new member account and a loan file, referencing required disclosures and documentation
Deposit and Share Insurance & Compliance, Consumer Protection, and BSA/AML
Explain NCUA share insurance coverage limits, including per-owner and per-beneficiary rules
Apply share insurance rules to scenarios involving multiple accounts, trusts, and retirement accounts
Identify key BSA/AML program requirements (risk assessment, CIP, SAR, CTR) and their thresholds
Summarize consumer protection regulations (Reg E, Reg Z, privacy, fair lending) and their impact on operations
Your checkpoint
Score 80% or higher on a 30-question practice quiz covering share insurance and BSA/AML
Member Services and Account Operations & Compliance, Consumer Protection, and BSA/AML
Analyze error resolution and dispute handling under Regulation E, including timelines
Evaluate fair lending and UDAP/UDAAP risks in member interactions and marketing
Describe the SAR narrative and filing process, and when to escalate suspicious activity
Explain privacy notice requirements and member opt-out rights
Your checkpoint
Write a sample SAR narrative for a fictitious suspicious activity case, including the who, what, when, where, and why
Financial Management, Accounting, and Asset-Liability Management
Interpret key financial statements (balance sheet, income statement) and calculate basic ratios (ROA, ROE, net worth ratio)
Explain asset-liability management concepts, including interest rate risk and liquidity management
Describe the budgeting process and variance analysis for a credit union
Apply NCUA net worth classification standards (well capitalized, adequately capitalized, undercapitalized)
Your checkpoint
Build a simple spreadsheet model to calculate ROA, ROE, and net worth ratio from provided financial data
Risk Management, Internal Controls, and Fraud Prevention & Credit Union Structure, Governance, and Regulatory Framework
Identify internal control weaknesses in typical credit union processes (cash handling, wire transfers, loan disbursements)
Design a fraud risk assessment for a credit union department
Explain the supervisory committee's role in internal audit and fraud detection
Review regulatory expectations for information security and vendor management
Your checkpoint
Create a fraud risk assessment matrix for a member services department, listing risks, controls, and residual risk
Credit Union Structure, Governance, and Regulatory Framework & Member Services and Account Operations & Lending and Credit Administration & Deposit and Share Insurance & Compliance, Consumer Protection, and BSA/AML & Financial Management, Accounting, and Asset-Liability Management & Risk Management, Internal Controls, and Fraud Prevention
Synthesize knowledge across all domains by completing a full-length practice exam
Review incorrect answers and identify weak areas for targeted study
Revisit key regulations and formulas using flashcards and summaries
Develop a test-day strategy for time management and question analysis
Your checkpoint
Achieve a score of 75% or higher on a comprehensive 100-question practice exam, with a log of reviewed topics
Milestones
Week 4: Pass a practice quiz on share insurance and BSA/AML with at least 80% accuracy
Week 6: Complete the financial ratio spreadsheet and correctly answer 10 calculation-based questions
Week 8: Score 75% or higher on the comprehensive practice exam