“Through the agency’s consulting services, NCUA is helping credit unions do a better job of providing affordable financial services to their members,” NCUA Board Chairman Rick Metsger said. “Thinking back to my own experience as a credit union board member, I learned the importance of the type of strategic thinking and planning our consulting program provides. I hope eligible credit unions will consider applying for our consulting program in the future.”
Credit unions chosen for the consulting program work with an experienced NCUA economic development specialist for a six-month semester. Almost half of the credit unions receiving consulting services during the second half of 2016 have assets of less than $10 million. Fifty-two percent are low-income-designated credit unions, and 16 percent have both the low-income and minority depository institution designation.
The program provides participating credit unions with assistance in developing growth strategies, planning for new products, creating succession plans, and other activities. The services are provided at no charge. A credit union can nominate itself or be nominated by an NCUA or state examiner. To be eligible for consulting assistance, a credit union must one of the following:
- have assets of less than $50 million
- have been chartered for fewer than 10 years
- have a low-income designation
- be a minority depository institution
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.
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