NCUA’s New Guide Simplifies, Clarifies Federal Credit Union Charter Application Process

The National Credit Union Administration released its new Charter Application Guide and other resources today to assist people who want to bring federally insured financial services to their communities by starting a federal credit union.

“Along with increasing access to safe, fair, and affordable financial products and services for credit union members, there is a real need to make the process for starting a new credit union less daunting,” NCUA Chairman Todd M. Harper said. “Organizing a new credit union takes time, resources, and commitment. A clear, step-by-step roadmap for applying for a federal charter helps organizers lay a foundation for success.”

Harper added, “My thanks go out to the NCUA team members for their excellent work on the new charter guide, to Board Member Hood for getting the ball rolling through the ACCESS Initiative, and to Vice Chairman Hauptman for his steadfast focus on new charters.”

The new guide was developed as part of the NCUA’s Advancing Communities through Credit, Education, Stability, and Support, or ACCESS Initiative. Launched in 2020, this initiative fosters greater economic equity and justice through the modernization of regulations, policies, and programs that support financial inclusion within the NCUA and, more broadly, throughout the credit union system. A key component of ACCESS is supporting the development of new credit unions.

“I’m pleased that this guide is an excellent example of the NCUA truly ‘walking the talk’ when it comes to financial inclusion,” NCUA Vice Chairman Kyle S. Hauptman said. “The chartering process is also one of my top three priorities while serving on the Board. Thus, I’m especially gratified to see this modernized guide that focuses the NCUA on bringing true financial inclusion to communities that need it. If we force a community to jump through unnecessary hoops or make them wait even one day longer than needed, the NCUA isn’t living up to its own ideals. I’d also like to thank the staff for their ongoing commitment to improving the chartering process.”

“Today’s new chartering guide is a significant step, and I would like to thank Chairman Harper and NCUA staff for their leadership in moving this forward,” NCUA Board Member Rodney E. Hood said. “In the months ahead, I look forward to working with my Board colleagues to do even more to significantly streamline and simplify the process of chartering.”

Organizers Interested in Starting a New Federal Credit Union Should Register for Webinar

Groups interested in organizing new credit unions can learn more about the process and requirements by participating in a webinar on Wednesday, May 4, at 2 p.m. Eastern.

Online registration(opens new window) for “New Charter Applications,” is now open. Staff from the NCUA’s Office of Credit Union Resources and Expansion will explain the charter process and discuss the new guide and other resources. This webinar is available at no cost and will run approximately 60 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website.

Participants can submit questions anytime during the presentation or in advance by emailing [email protected]. The email’s subject line should read, “New Charter Applications.” Please email technical questions about accessing the webinar to [email protected]. This webinar will be closed captioned and archived online approximately three weeks following the live event.

April 14, 2022 –