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 ArticleHKMA Publishes the Annual Report for 2018
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.