ACU To NCUA: Here's How To Make It Easier To Launch New Credit Unions
By CU Today Staff —
WASHINGTON--Outlining numerous recommendations to improve the formation of de novo credit unions, America’s Credit Unions sent NCUA a detailed letter Wednesday.
NCUA’s latest Unified Rulemaking Agenda notes the agency may issue a proposal to simplify the process for the chartering of new federal credit unions.
America’s Credit Unions’ said it goals are to “support a process that is clear, workable, and focused on long-term success,” which includes not only more credit union charters, but ensuring “newly chartered credit unions have a realistic path to operate safely and serve their members.”
NCUA has already taken several helpful steps in this area, including the recent launch of the Phase 1 system for new charter applications, but additional improvements “could further strengthen the process and help new credit unions succeed after approval,” the letter reads.
The letter includes an appendix outlining the specific recommendations, which focus on:
America’s Credit Unions developed this letter following discussions with the Cornerstone Credit Union League, which offered several of the specific recommendations, ACU noted.
Originally reported by CU Today.