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NCUA offers how-to guide on starting an FCU
NCUA has published a guide for groups considering applying for a federal credit union charter, providing information on how to secure funds for start-up costs, surveying potential membership and creating a business plan.
The Federal Credit Union Charter Application Guide also describes how long the chartering process takes, how much start-up capital is needed and how to consult the Office of Small Credit Union Initiatives.
NCUA Chairman Debbie Matz said, "This new guide is essentially a roadmap to success, explaining in detail how to complete the process. It also helps organizers focus on key actions, from finding their niche in an increasingly complex and competitive marketplace and raising capital to preparing an effective application."
The chartering process, as detailed by the guide, is broken up into several stages, including:
- researching the charter, establishing a field of membership, considering low-income designation;
- identifying subscribers, securing start-up funding and finding a location;
- identifying management, creating a business plan and planning products and services.
The guide is available on the agency's "How to Start a Credit Union" webpage.
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