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.



Agency - National Credit Union Administration

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.
Website Address

http://www.ncua.gov



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.

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.

Aplication and Award Process

Preapplication Coordination

None.

This program is excluded from coverage under E.O.

12372.

Application Procedures

Made in the form of a request to the Chairman, National Credit Union Administration (NCUA). Requests are submitted through regional offices.

Award Procedures

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.

Authorization

Federal Credit Union Act, as amended, 12 U.S.C. 1751 et seq.

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

Not applicable.

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.

Obigations

(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.

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.

Criteria for Selecting Proposals

Not applicable.



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Edited by: Michael Saunders

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