This federal aid program is managed by:
National Credit Union Administration
To offer to groups that have a common bond the opportunity to establish and operate their own credit unions.
(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:
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.
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.
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: firstname.lastname@example.org Phone: 703-518-6574