The NCUA is offering guidance for groups seeking to apply for a federal credit union charter.
The agency released the new Federal Credit Union Charter Application Guide Monday, which offers step-by-step instructions on how to start a credit union and outlines the NCUA's expectations for the charter application.
The guide also includes answers to frequently asked questions about the amount of time required to obtain a charter, the amount of start-up capital necessary and the availability of consulting services from NCUA's Office of Small Credit Union Initiatives.
The chartering process is split into five parts, according to the NCUA.
Part one includes the basics, such as picking the type of charter to request, choosing a credit union name, forming a field of membership and whether or not to pursue a low-income designation.
Part two includes picking a location, identifying subscribers, surveying the potential membership and obtaining start-up funding.
Part three includes recruiting credit union officials and management, establishing a business plan, choosing the products and services offered by the credit union and developing policies.
Part four consists of how the NCUA acts on charter applications and part five contains worksheets, checklists and sample documents and forms.
NCUA Board Chairman Debbie Matz said starting a credit union is a tremendous undertaking, and people who take on this challenge need to understand what's involved in this process.
"This new guide is essentially a roadmap to success, explaining in detail how to complete the process," Matz said. "It also helps organizers focus on key actions, from finding their niche in an increasingly complex and competitive marketplace and raising capital to preparing an effective application."
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