Federal credit unions are cooperative associations organized in accordance with the provisions of the Federal Credit Union Act for the purpose of promoting thrift among their members and creating a source of credit for provident or productive purposes.
Before approving a new charter, the NCUA will analyze and review various factors related to the fitness and viability of the proposed credit union. By clearly defining the purpose of your proposed credit union, you help to define those factors.
Provide compelling reasons why the formation of a new credit union is in the best interest of the proposed group. The NCUA will determine if the proposed credit union’s purpose, goals, and objectives align with the credit union concept.