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Credit Union Charter, Examination, Supervision, and Insurance

Squirrel started this conversation

This federal aid program is managed by:

National Credit Union Administration

Objectives:

To offer to groups that have a common bond the opportunity to establish and operate their own credit unions.

Funding obligations:

(Salaries) FY 08 $401,000,000; FY 09 est $551,000,000; FY 10 est not reported.

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.

Examples of Funded Projects:

Not Applicable.

Program Accomplishments:

Fiscal Year 2010: No Current Data Available Fiscal Year 2011: No Current Data Available Fiscal Year 2012: No Current Data Available

Types of Assistance:

ADVISORY SERVICES AND COUNSELING; Insurance; PROVISION OF SPECIALIZED SERVICES

Range and Average of Financial Assistance:

No Data Available.

Length and Time Phasing of Assistance:

Not applicable. Method of awarding/releasing assistance: by letter of credit.

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.

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.

Contact Info for Headquarters Office:

J. Christopher McGrath 1775 Duke Street, Alexandria, Virginia 22314 Email: cmcgrath@ncua.gov Phone: 703-518-6574

Website Address:

http://www.ncua.gov.

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