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Catalog of Federal Domestic Assistance

Program Descriptions

CATALOG OF FEDERAL DOMESTIC ASSISTANCE

44.001: Credit Union Charter, Examination, Supervision, and Insurance

Objectives: To offer to groups that have a common bond the opportunity to establish and operate their own credit unions.

PROGRAM AND AWARD FINANCIAL AND INFORMATION CONTACTS

ELIGIBILITY REQUIREMENTS FINANCIAL AND ADMINISTRATIVE INFO.

APPLICATION AND AWARD PROCESS INFORMATION CONTACTS

RELATED PROGRAMS ASSISTANCE CONSIDERATIONS

PROGRAM ACCOMPLISHMENTS POST ASSISTANCE REQUIREMENTS

44.001 ELIGIBILITY REQUIREMENTS:

Applicant Eligibility: Based on a combination of interest by group, economic feasibility, and other factors. However, as a general guideline, associations, employee groups, and communities with 500 or more potential members may qualify for a Federal credit union charter, if economic feasibility can be shown.

Beneficiary Eligibility: Public nonprofit institutions and organizations, individuals and families and private nonprofit institutions and organizations.

Credentials/Documentation: None.

44.001 APPLICATION AND AWARD PROCESS:

Preapplication Coordination: None. This program is excluded from coverage under E.O. 12372.

Application Procedure: Made in the form of a request to the Chairman, National Credit Union Administration (NCUA). Requests are submitted through regional offices.

Award Procedure: The organization certificate, if approved by the NCUA, shall constitute the charter of the Federal credit union and will be mailed to the key official.

Deadlines: None.

Range of Approval/Disapproval Time: Once the necessary investigations are completed, the processing will take about two weeks.

Appeals: The NCUA board delegates authority to its regional directors to approve Federal credit union charters. If disapproved by the regional director, group seeking charter may appeal to the NCUA Board.

Renewals: Not applicable.

Criteria for Selecting Proposals: Not applicable.

Examples of Funded Projects: Not applicable.

Range and Average of Financial Assistance: Not applicable.

44.001 RELATED PROGRAMS:

None.

44.001 PROGRAM ACCOMPLISHMENTS:

All Federal credit unions have depositor insurance. As of December 31, 1999, 4,062 natural person State credit unions were federally insured. At year end 1999, 6,566 natural person Federal credit unions were in operation and were serving 75.3 million members. Federal credit unions' assets were $239.3 billion, loans outstanding were $155.2 billion, and members' savings were $207.6 billion. There were 15 new Federal credit union charters granted in 1999.

44.001 FINANCIAL AND ADMINISTRATIVE INFO:

Federal Agency: NATIONAL CREDIT UNION ADMINISTRATION

Type of Assistance: Insurance; Provision of Specialized Services; Advisory Services and Counseling.

Obligations: (Federal credit union program is supported by fees and insurance premiums). FY 99 $290,000,000; FY 00 est $295,000,000; and FY 01 est $317,000,000.

Budget Account Number: 25-4056-0-3-373; 25-4468-0-3-373.

Authorization: Federal Credit Union Act, as amended, 12 U.S.C. 1751 et seq.

Regulations, Guidelines, and Literature: Credit Union Information Package available upon request. Some Information Packages are at no charge and others require a fee. A complete list of literature and charges can be obtained through the Office of Public and Congressional Affairs (703) 518-6330.

44.001 INFO CONTACTS:

Regional or Local Office: 9 Washington Square, Washington Avenue Extension, Albany, NY 12205. Phone: (518) 862-7400; Suite 4206, 1775 Duke Street, Alexandria, VA 22314-3437. Phone: (703) 519-6400; Suite 1600, 7000 Central Parkway, Atlanta, GA 30328. Phone: (678) 443-3000; Suite 125, 4225 Naperville Road, Lisle, IL 60532-3658. Phone: (630) 955-4100; 4807 Spicewood Springs Road, Suite 5200, Austin, TX 78759-8490. Phone: (512) 342-5600; Suite 1350, 2300 Clayton Road, Concord, CA 94520. Phone: (925) 363-6200. Asset Management Assistance Center, 4807 Spicewood Springs Road, Suite 5100, Austin, TX 78759-8490. Phone: (512) 231-7900.

Headquarters Office: Chairman, NCUA Board, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428. Phone: (703) 518-6300.

(See Appendix IV for more contact info.)

44.001 ASSISTANCE CONSIDERATIONS:

Formula and Matching Requirements: Not applicable.

Length and Time Phasing of Assistance: Not applicable.

Uses and Use Restrictions: Staff will explain Federal credit union chartering requirements to any interested group, will help with the preparation of the charter application, will assist a newly chartered credit union to begin operation, and will assist credit unions and their members in consumer matters. Grant of a Federal charter will provide $100,000 depositor insurance on individual accounts. State-chartered credit unions are eligible to apply for depositor insurance in accordance with applicable State laws.

44.001 POST ASSISTANCE REQUIREMENTS:

Reports: Not applicable.

Audits: Not applicable.

Records: Not applicable.