To
offer to groups that have a common bond the opportunity to establish
and operate their own credit unions.
TYPES
OF ASSISTANCE:
Insurance. Place Cursor Here for Definition
Provision of Specialized Services. Place Cursor Here for Definition
Advisory Services and Counseling. Place Cursor Here for Definition
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. 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.
Pre-application
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:
Not applicable.
ASSISTANCE
CONSIDERATIONS:
Formula
and Matching Requirements: Not applicable.
Length
and Time Phasing of Assistance: Not applicable.
Obligations:
(Federal credit union program is supported by fees and insurance
premiums). FY 01 $326,000,000; FY 02 est $265,000,000; and FY
03 est $366,000,000.
Range
and Average of Financial Assistance: Not applicable.
All Federal credit unions have depositor insurance. As of December
31, 2001, 3,866 natural person State credit unions were federally
insured. At year end 2001, 6,118 natural person Federal credit unions
were in operation and were serving 79.4 million members. Federal
credit unions' assets were $270.1 billion, loans outstanding were
$170.3 billion, and members' savings were $235.2 billion. There
were 4 new Federal credit union charters granted in 2001.
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; Suite 125, 4225 Naperville Road, Lisle, IL 60532-3658.
Telephone: (630) 955-4100; 4807 Spicewood Springs Road, Suite 5200,
Austin, TX 78759-8490. Telephone: (512) 342-5600; Suite 1350, 2300
Clayton Road, Concord, CA 94520. Telephone: (925) 363-6200. 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.
