Markets Wired

ALEXANDRIA, Va. (May 2, 2016) – Credit unions that qualify for consulting assistance from the National Credit Union Administration have until May 31 to submit nominations, the agency announced today.

“I hope all qualified credit unions will consider applying for our consulting program,” said William Myers, Director of NCUA’s Office of Small Credit Union Initiatives. “We offer the kind of practical, hands-on help that enables credit unions to identify and take advantage of market opportunities as well as improve services to members.”

Eligible credit unions should complete the agency’s online application form [link no longer available]. Credit unions may nominate themselves or be nominated by an NCUA examiner. Credit unions choose their top three service requests from a drop-down menu. Credit unions chosen to participate will be assigned an economic development specialist to assist them. To qualify for NCUA’s consulting assistance, a credit union must fall into one of the following categories:

• Have total assets of less than $100 million;
• Have been chartered for fewer than 10 years;
• Be designated as a Minority Depository Institution; or
• Have a low-income designation from NCUA.

The 2016 consulting period runs from July 1 through December 31. Credit unions selected for the program will be announced in June. Credit unions not chosen may apply again in subsequent rounds. There is no charge for this assistance.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.