Part 1, Preliminary Work, Steps 1 through 3
This Part covers what you should research before starting the chartering process. It also covers establishing a name and a field of membership for your PFCU.
The most efficient way to successfully maneuver through the chartering process is to complete Parts 1 through 3 in the order listed. NCUA will review each of your submitted Steps and provide you feedback as to when you should proceed to the next Part. Any Step within a Part can be submitted when completed.
Part 2, Support and Location, Steps 4 through 7
This Part covers:
- identifying subscribers;
- securing funding for start-up and operational costs;
- identifying a location; and
- completing a survey of the potential field of membership.
Part 3, Assembling Your Package, Steps 8 through 15
This Part covers operational and financial plans for the PFCU. It includes:
- finding a mentor;
- identifying officials and staff;
- developing a detailed and realistic business and marketing plan;
- completing NCUA’s chartering forms; and
- developing bylaws, policies, and procedures.
Part 4, NCUA Action, Steps 16 and 17
This Part discusses NCUA’s actions upon determining you have satisfactorily completed all Steps, 1 through 15, and have met the requirements for your charter to be approved.
Part 5, Attachments
There are 13 attachments to the Guide, A through M. Attachment A is a checklist recapping the documentation requirements for Steps 1 through 15. The other attachments are examples, templates, resource materials and links, etc.
If after reviewing this guide you have questions, please contact us at firstname.lastname@example.org or call 703-518-1150. A representative from NCUA's Division of Consumer Access can discuss in greater detail with you the step-by-step processes and answer your questions as it pertains to your specific proposed federal credit union. Also, if your group is eligible, NCUA's staff can provide guidance and assist with preparing the new credit union charter application.