Aids for credit union chartering, identifying low-income areas for service focus of CURE office at NCUA

The federal agency that charters and regulates federal credit unions says it’s planning to offer more resources for credit unions to identify low-income areas they might serve, and information for those seeking to charter a new credit union, through its Office of Credit Union Resources and Expansion (CURE).

The National Credit Union Administration (NCUA) says it has a new online low-income designation area workbook that organizing groups and existing credit unions can use to research low-income areas they can target for possible member recruitment and outreach.

A modernization effort that will automate and streamline the chartering process is also underway, the agency said. The NCUA plans to open a new web portal with information to assist credit union organizers and will offer pre-developed business models that organizing groups can use. Staff presenting on this initiative during Thursday’s open board meeting said the portal is expected to be available in July.

Other resources overseen by CURE include:

  • A Learning Management Service: This service offers training for all credit unions, including minority depository institutions. The office also hosts WebEx online meetings and teleconferences for credit unions to discuss management issues, grants and loans, and other topics.
  • The Community Development Revolving Loan Fund: This NCUA fund offers low-income credit unions loans and grants. Applications can be submitted from June 2 through July 20. The agency plans to provide approximately $2 million grants in this round.

Resources on the low-income designation

Learning Management Service

2019 Community Development Revolving Loan Fund grants