The National Credit Union Administration is encouraging groups seeking to organize credit unions to take advantage of the agency’s new digital tool to help them with the charter application process. The Chartering Proof of Concept tool is an automated system that will help credit union organizers better understand the process and how to prepare a charter application. It will streamline that process by allowing the NCUA’s Office of Credit Union Resources and Expansion to preview the information to be included in an application.
Organizers will use the tool to evaluate how well they meet the requirements for starting a credit union by reviewing the four critical application elements: purpose and core values, field of membership, capital, and subscribers. They 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. CURE will invite groups that achieve a minimum score of 80 out of 100 to submit a formal charter application. CURE will advise groups that do not achieve that minimum score to either provide additional information or consider alternatives.
Learn more here.