NCUA Launches Digital Tool to Help with Chartering Process

The credit union organizers will use the new tool to evaluate how well they meet the requirements for starting a credit union by reviewing the four critical application elements; these elements are purpose and core values, field of membership, capital, and subscribers. The credit union organizers will address questions specific to these critical areas and submit answers to the agency for review. The Office of Credit Union Resources and Expansion will evaluate and score submissions on how adequately the organizers address each critical element. This Office will then invite groups that achieve a minimum score of 80 out of 100 to submit a formal charter application and will advise groups that do not achieve that minimum score to either provide additional information or consider alternatives. The federal and state governments have different chartering rules and requirements.

The mission of the Office of Credit Union Resources and Expansion is to support credit union growth and development. The Office of Credit Union Resources and Expansion supports credit unions seeking changes in their charters, bylaws, or fields of membership, including minority credit unions, low-income-designated credit unions and credit unions interested in a low-income designation, and groups organizing to start new credit unions. 

Related Links

• Press Release
• Chartering Tool

Keywords: Americas, US, Banking, Chartering Proof of Concept Tool, Credit Unions, Digitalization, Charter Application, NCUA