Program Descriptions
Program Number
44.001
Title
Credit Union Charter, Examination, Supervision, And Insurance
Federal Agency
NATIONAL CREDIT UNION ADMINISTRATION
Authorization
Federal Credit Union Act, as amended, 12 U.S.C. 1751 et seq.
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
Insurance; Provision of Specialized Services; Advisory Services and Counseling.
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 $100,000 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
None.
Application and Award Process
Preapplication Coordination
None. This program is excluded from coverage under E.O. 12372.
Application Procedure
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
None.
Range of Approval/Disapproval Time
Once the necessary investigations are completed, the processing will take approximately two weeks.
Appeals
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
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Not applicable.
Post Assistance Requirements
Reports
Not applicable.
Audits
Not applicable.
Records
Not applicable.
Financial Information
Account Identification
25-4056-0-3-373; 25-4468-0-3-373.
Obligations
(Federal credit union program is supported by fees and insurance premiums). FY 07 $268,000,000; FY 08 est $274,000,000; and FY 09 est not reported.
Range and Average of Financial Assistance
Not applicable.
Program Accomplishments
All Federal credit unions have depositor insurance. As of December 31, 2006, 3,173 natural person State credit unions were federally insured. At year end 2006, 5,189 natural person Federal credit unions were in operation. Federal credit union and State credit unions were serving 85.7 million members. Federal credit unions' assets were $394.2 billion, loans outstanding were $270.5 billion, and members' savings were $333.9 billion. There were 6 new Federal credit union charters granted in 2006.
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.
Information Contacts
Regional or Local Office
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
Chairman, NCUA Board, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428. Telephone: (703) 518-6300.
Web Site Address
http://www.ncua.gov
Related Programs
None.
Examples of Funded Projects
Not applicable.
Criteria for Selecting Proposals
Not applicable.
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