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NCUA and PFCU Sign Letter of Understanding and Agreement

NCUA and PFCU Sign Letter of Understanding and Agreement

Upon satisfactory completion of a charter application demonstrating the organization certificate conforms to the requirements of the Federal Credit Union Act, the PFCU’s business model has the potential of demonstrating economic viability, and the subscribers and officials being of good character and fitness, NCUA staff will meet with the proposed subscribers, officials, and management to finalize a Letter of Understanding and Agreement (LUA).

The LUA will be signed by the PFCU’s board of directors and appropriate NCUA staff and will generally remain in place for at least 24 months. An LUA outlines the parameters in which the new federal credit union will operate and is based substantially on the PFCU’s approved business plan and financial projections.


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