ALEXANDRIA, Va. – NCUA has released its new Charter Application Guide and other resources it said are designed to assist people who want to bring federally insured financial services to their communities by starting a federal credit union.
The agency said the new guide was developed as part of the NCUA’s Advancing Communities through Credit, Education, Stability, and Support, or ACCESS Initiative. Launched in 2020, the initiative fosters greater economic equity and justice through the modernization of regulations, policies, and programs that support financial inclusion within the NCUA and, more broadly, throughout the credit union system, according to NCUA.
A key component of ACCESS is supporting the development of new credit unions, the agency said.
“Along with increasing access to safe, fair, and affordable financial products and services for credit union members, there is a real need to make the process for starting a new credit union less daunting,” NCUA Chairman Todd M. Harper said in announcing the guide. “Organizing a new credit union takes time, resources, and commitment. A clear, step-by-step roadmap for applying for a federal charter helps organizers lay a foundation for success.
“My thanks go out to the NCUA team members for their excellent work on the new charter guide, to Board Member (Rodney) Hood for getting the ball rolling through the ACCESS Initiative, and to Vice Chairman (Kyle) Hauptman for his steadfast focus on new charters,” Harper added.
‘Walking the Talk’
Added Hauptman, “I’m pleased that this guide is an excellent example of the NCUA truly ‘walking the talk’ when it comes to financial inclusion. The chartering process is also one of my top three priorities while serving on the board. Thus, I’m especially gratified to see this modernized guide that focuses the NCUA on bringing true financial inclusion to communities that need it. If we force a community to jump through unnecessary hoops or make them wait even one day longer than needed, the NCUA isn’t living up to its own ideals. I’d also like to thank the staff for their ongoing commitment to improving the chartering process.”
‘Significant Step’
“Today’s new chartering guide is a significant step, and I would like to thank Chairman Harper and NCUA staff for their leadership in moving this forward,” Hood said. “In the months ahead, I look forward to working with my Board colleagues to do even more to significantly streamline and simplify the process of chartering.”
Webinar Scheduled
Groups interested in organizing new credit unions can learn more about the process and requirements by participating in a webinar on Wednesday, May 4, at 2 p.m. Eastern. For info, go here.
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