Expert Help Available to Credit Unions Facing Strategic Challenges
ALEXANDRIA, Va. (Nov. 12, 2014) – Credit unions interested in receiving consulting assistance from NCUA’s Office of Small Credit Union Initiatives have until Nov. 30 to complete their applications.
The application is available online here. The next round of consulting begins Jan. 1, 2015.
In 2014, more than 400 federally insured credit unions and 26 new credit union organizers received consulting help from one of NCUA’s Economic Development Specialists. Those specialists work with credit unions to find solutions to challenges in areas that include field of membership expansion, strategic planning, marketing and budgeting.
Several characteristics are necessary to make the consulting relationship successful:
- An engaged and motivated management team committed to implementing the ideas generated during the consulting engagement
- Desire to explore your credit union’s problems and challenges and work with the consultant to develop creative solutions
- Willingness to form a real partnership with and include your consulting Economic Development Specialist in the implementation phase of the consulting engagement
Both credit unions and examiners can make nominations for the free consulting services offered by NCUA’s Office of Small Credit Union Initiatives throughout the year. Credit unions chosen to participate in the program are announced in June and December.
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. To learn more, visit the office’s webpage on www.ncua.gov.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.