Credit Union Charter, Examination, Supervision, and Insurance (44.001)
Program
44.001 Credit Union Charter, Examination, Supervision, and Insurance
Federal Agency
Agency: National Credit Union Administration
Authorization
Federal Credit Union Act, as amended, 12 U.S.C 1751 et seq.
Program Number
44.001
Last Known Status
Active
Objectives
To offer to groups that have a common bond the opportunity to establish and operate their own credit unions.
Types of Assistance
ADVISORY SERVICES AND COUNSELING; Insurance; PROVISION OF SPECIALIZED SERVICES
Uses and Use Restrictions
Staff will explain Federal credit union chartering requirements to any interested group, will help with the preparation of the charter application, will assist a newly chartered credit union to begin operation, and will assist credit unions and their members in consumer matters. Grant of a Federal charter will provide $250,000 depositor insurance on individual accounts and $250,000 on Retirement accounts. State- chartered credit unions are eligible to apply for depositor insurance in accordance with applicable State laws.
Eligibility Requirements
Applicant Eligibility
Based on a combination of interest by group, economic feasibility, and other factors. However, as a general guideline, associations, employee groups, and communities with 500 or more potential members may qualify for a Federal credit union charter, if economic feasibility can be shown.
Beneficiary Eligibility
Public nonprofit institutions and organizations, individuals and families and private nonprofit institutions and organizations.
Credentials/Documentation
No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87.
Application and Award Process
Preapplication Coordination
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedure
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Made in the form of a request to the Chairman, National Credit Union Administration (NCUA). Requests are submitted through regional offices.
Award Procedure
The organization certificate, if approved by the NCUA, shall constitute the charter of the Federal credit union and will be mailed to the key official.
Deadlines
Not Applicable.
Range of Approval/Disapproval Time
From 1 to 15 days. Once the necessary investigations are completed, the processing will take approximately two weeks.
Appeals
From 15 to 30 days. The NCUA board delegates authority to its regional directors to approve Federal credit union charters. If disapproved by the regional director, group seeking charter may appeal to the NCUA Board.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
This program has no matching requirements.
This program does not have MOE requirements.
Length and Time Phasing of Assistance
Not applicable. Method of awarding/releasing assistance: by letter of credit.
Post Assistance Requirements
Reports
Audits
Not Applicable.
Records
Not applicable.
Program Accomplishments
Fiscal Year 2008: All federal credit unions have depositor insurance. As of December 31, 2008, 2,959 natural person State credit unions were federally insured. At year end 2008, 4847 natural person Federal credit unions were in operation. Federal credit union and State credit unions were serving 87 million members. Federal credit unions' assets were $447 billion, loans outstanding were $309 billion, and members' savings were $373 billion. There were 4 new Federal credit union charters granted in 2008. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available
Financial Information
Account Identification
25-4468-0-3-373; 25-4056-0-3-373.
Obligations
(Salaries) FY 08 $401,000,000; FY 09 est $551,000,000; FY 10 est not reported.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines and Literature
Credit Union Information Package available upon request. Some Information Packages are at no charge and others require a fee. A complete list of literature and charges can be obtained through the Office of Public and Congressional Affairs (703) 518-6330.
Related Programs
Not Applicable.
Information Contacts
Regional or Local Office
See Regional Agency Offices. 9 Washington Square, Washington Avenue Extension, Albany, NY 12205. Telephone: (518) 862-7400; Suite 4206, 1775 Duke Street, Alexandria, VA 22314-3437. Telephone: (703) 519-6400; Suite 1600, 7000 Central Parkway, Atlanta, GA 30328. Telephone: (678) 443-3000; 4807 Spicewood Springs Road, Suite 5200, Austin, TX 78759-8490. Telephone: (512) 342-5600; 1230 West Washington Street, Suite 301, Tempe, AZ 85281. Telephone: (602)302-6000. Asset Management Assistance Center, 4807 Spicewood Springs Road, Suite 5100, Austin, TX 78759-8490. Telephone: (512) 231-7900.
Headquarters Office
J. Christopher McGrath 1775 Duke Street, Alexandria, Virginia 22314 Email: cmcgrath@ncua.gov Phone: 703-518-6574
Web Site Address
Examples of Funded Projects
Not Applicable.
Criteria for Selecting Proposals
Not Applicable.
