NCUA headquarters. (Source: NCUA)
Attempting to simplify a chartering process that one NCUA board member called "amazingly sluggish," the NCUA will begin offering a more detailed roadmap for people interested in starting a credit union, Martha Ninichuk, director of the Office of Credit Union Resources and Expansion told the agency board Thursday.
Ninichuk told the board that the agency will begin offering pre-developed business models that organizers may use from a "plug and play" option. Based on the model type selected a list of resources, including regulations, will be provided.
Recommended For You
She said that in July, the agency will launch an online portal that will assist organizing groups in decisions, such as the type of field of membership they will be seeking.
The NCUA also will post a new Low-Income Designation Area Workbook and an overview of the minority depository institution preservation program.
Board member J. Mark McWatters said that the chartering process has been "amazingly sluggish," adding, "These are credit unions. We're not sending people to Mars here."
Also, at Thursday's meeting, agency CFO Rendell Jones said that during the first quarter of 2019, there was one credit union failure that cost the agency's Share Insurance Fund $40 million.
He also reported that at the end of the first quarter of 2019, there were 202 credit unions with the lowest CAMEL ratings, compared with 193 at the end of 2018.
The board also approved a proposed rule that would allow federal credit unions to accept nonmember and public unit shares up to 50% of paid-in and unimpaired capital and surplus.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
