ALEXANDRIA, Va.—Credit unions that qualify for consulting assistance from NCUA have until Nov. 30 to submit their nominations.
“NCUA’s program is a wonderful opportunity for credit union management to obtain one-on-one guidance from seasoned consultants,” said JeanMarie Komyathy, acting director of NCUA’s Office of Small Credit Union Initiatives (OSCUI). “The customized help is provided at no charge and offers credit unions a chance to explore different avenues for growing operations and expanding member services.”
As CUToday.info reported, NCUA’s consulting services, which fall under OSCUI, have 160 credit unions enrolled in the current six-month consulting cycle. Last year 456 credit unions went through the program.
NCUA explained that eligible credit unions should complete the agency’s online application form. Credit unions may nominate themselves or be nominated by an examiner from NCUA or a state supervisory agency. Credit unions can choose their top three service requests from a drop-down menu included in the application form. Each credit union chosen to participate will be assigned an economic development specialist, the agency said.
To qualify for NCUA’s consulting assistance, a credit union must fall into one of the following categories:
- Have total assets of less than $100 million;
- Have been chartered for fewer than 10 years;
- Be designated as a Minority Depository Institution; or
- Have a low-income designation from NCUA.
The 2017 consulting period runs from Jan. 1 through June 30. Credit unions selected for the consulting round will be announced in late December. Credit unions not chosen may apply again in subsequent rounds, NCUA said.