Credit Union Charter, Examination, Supervision, and Insurance
To offer to groups that have a common bond the opportunity to establish and operate their own credit unions.
General information about this opportunity
Last Known Status
Deleted 03/03/2014 (Archived.)
Agency: National Credit Union Administration
Type(s) of Assistance Offered
ADVISORY SERVICES AND COUNSELING; Insurance; PROVISION OF SPECIALIZED SERVICES
Fiscal Year 2012: No Current Data Available Fiscal Year 2013: No Current Data Available Fiscal Year 2014: No Current Data Available
Federal Credit Union Act, as amended, 12 U.S.C 1751 et seq.
Who is eligible to apply/benefit from this assistance?
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.
Public nonprofit institutions and organizations, individuals and families and private nonprofit institutions and organizations.
No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
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.
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.
Approval/Disapproval Decision Time
From 1 to 15 days. Once the necessary investigations are completed, the processing will take approximately two weeks.
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.
How are proposals selected?
How may assistance be used?
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.
What are the requirements after being awarded this opportunity?
Other 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.
Who do I contact about this opportunity?
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.
J. Christopher McGrath 1775 Duke Street, Alexandria, Virginia 22314 Email: email@example.com
(Salaries) FY 08 $401,000,000; FY 09 est $551,000,000; and FY 10 Estimate Not Available
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.
Examples of Funded Projects