Markets Wired

ALEXANDRIA, Va. (Nov. 4, 2015) – Eligible credit unions interested in consulting assistance from the National Credit Union Administration’s Office of Small Credit Union Initiatives in the first half of 2016 have until Nov. 30 to submit nominations, the agency announced today.

“I encourage all qualified credit unions to apply for our consulting program,” NCUA Board Chairman Debbie Matz said. “From strategic planning to new product development, our consulting program provides individualized solutions for the challenges facing credit unions as they compete in a diverse and evolving financial services marketplace.”

The first consulting period of 2016 begins Jan. 1, and runs through June 30. The consulting program application is available online here [link no longer available]. A credit union may nominate itself or be nominated by an NCUA examiner. Credit unions selected for the program will be announced in December.

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.

Credit unions not chosen in the first round may apply again in subsequent rounds.

In 2015, 397 federally insured credit unions enrolled in the program, and 27 new credit union organizers received consulting help from NCUA’s Economic Development Specialists. These specialists work with credit unions to address challenges like field-of-membership expansions, strategic planning and new product development.

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.