NCUA launched a new digital tool to help credit unions with the chartering process. The Chartering Proof of Concept tool is an automated system that will help credit union organizers better understand the chartering process and how to prepare a charter application. The tool will streamline the process by allowing the NCUA Office of Credit Union Resources and Expansion to preview the information to be included in an application. The charter or license from NCUA or a state credit union regulator is required by credit unions for operations.
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.
Keywords: Americas, US, Banking, Chartering Proof of Concept Tool, Credit Unions, Digitalization, Charter Application, NCUA
Previous ArticleMAS Reviews Collateral Management Standards and Practices of Banks
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.