New Charter Application Checklist

PHASE 1: Proof of Concept

Please complete and submit all documentation in this section. The NCUA’s CyberGrants portal is available for your submission. See Federal Credit Union Charter Application Guide Phase 1 for more details on each item below:

  • Research How to Charter a Federal Credit Union 
  • Select a Credit Union Name
  • Define the Credit Union’s Purpose
  • Define the Field of Membership
  • Describe Capital Funding Plans
  • Identify Subscribers
  • Research Low-Income Designation (LID) Requirements
  • Research Minority Depository Institution (MDI) Designation
  • Research Community Development Financial Institution (CDFI) Certification
  • Complete and submit the Proof of Concept

PHASE 2: Charter Application

Please complete all documentation in this section and submit all materials together in one email to your assigned NCUA Coordinator. See Federal Credit Union Charter Application Guide Phase 2 for more details on each item below:

Activity 1 - Pre-Planning

  • Survey and Analysis
    • Surveying the Potential Membership
    • Evidence of Member Support
    • Designing the Membership Survey
    • Conducting the Membership Survey
    • Analyzing the Survey Results
    • Summarizing the Results    
  • Market Conditions Analysis
  • Sources of Donated Capital
  • Evidence of Sponsor Commitment, If Critical to Success
  • Mentor Relationships and Other Sources

Activity 2 – Business Plan Development

  • NCUA 4001-Federal Credit Union Investigation Report
  • Mission Statement
  • Products and Services
  • Goals for shares, loans, and number of members
  • Organizational/Management Plan:
    • Officials (board, supervisory committee, and credit committee) 
    • Senior management and credit union staff
    • Qualifications and Planned Training
  • Continuity Plan for Directors, Committee Members, Senior Management
  • Identify a Physical Location
  • Record Keeping and Data Processing Systems
  • Surety Bond Coverage
  • Source of Funds and Other Support
  • Plans for Operating Independently
  • Marketing Plan
  • Pro Forma Financial Statements

Activity 3 – Proposed Bylaws

  • Federal Credit Union Bylaws

Activity 4 – Policies

  • Required Policies:
    • Fair Lending Policy and Loan Policy
    • Collection Policy
    • Loan Charge-Off Policy
    • Allowance for Loan and Lease Losses Policy
    • Investment Policy
    • Cash Policy
    • Bank Secrecy Act/Customer Identification Program
    • Office of Foreign Assets Control Policy    
    • Truth-in-Savings Policy
    • Director Fiduciary Duties
    • Reimbursement Policy
    • Asset Liability Management Policy
    • Liquidity Policy
    • Vendor Management/Third Party Relationships
    • E-Commerce Policy
    • Security Program
    • Disaster Recovery and Business Continuity/Resumption Policy
    • Privacy Policy
    • Identity Theft Red Flags, Credit Report Discrepancies, and Records Disposal                      
  • Other Policies (as applicable)
    • Policies for Major Operational Areas
    • Policies for Advanced Services

PHASE 3: Final NCUA Approval

Please complete all documentation in this section and submit all materials together in one email to your assigned NCUA Coordinator. See Federal Credit Union Charter Application Guide Phase 3 for more details on each item below:

  • Required Forms
    • NCUA 4008 - Organization Certificate
    • NCUA 4012 - Report of Official and Agreement to Serve
    • NCUA 9500 - Application and Agreements for Insurance of Accts 
    • NCUA 9501 - Certification of Resolutions
  • Letter of Understanding and Agreement 
  • NCUA Issues Charter
Last modified on
04/14/22