ALEXANDRIA, Va.—NCUA announced that it is providing consulting services to 161 federally insured credit unions in an effort to help them grow, innovate and provide better member services.
“Through the agency’s consulting services, NCUA is helping credit unions do a better job of providing affordable financial services to their members,” NCUA Board Chairman Rick Metsger said. “Thinking back to my own experience as a credit union board member, I learned the importance of the type of strategic thinking and planning our consulting program provides. I hope eligible credit unions will consider applying for our consulting program in the future.”
NCUA said that credit unions chosen for the consulting program work with an experienced NCUA economic development specialist for a six-month semester. Almost half of the credit unions selected to receive consulting services during the second half of 2016 have assets of less than $10 million. Fifty-two percent are low-income-designated credit unions, and 16% have both the low-income and minority depository institution designation, the agency added.
Offered through NCUA’s Office of Small Credit Union Initiatives, the consulting services provide participating credit unions with assistance in developing growth strategies, planning for new products, creating succession plans, and other activities, NCUA said.
The services are provided at no charge. A credit union can nominate itself or be nominated by an NCUA or state examiner. To be eligible for consulting assistance, a credit union must have assets of less than $50 million, have been chartered for fewer than 10 years, have a low-income designation, or be a minority depository institution.
NCUA is now accepting consulting program nominations for the first semester of 2017. An online nomination form is available here, and the deadline for submitting nominations is Nov. 30 at 5 p.m. ET.