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Federal Credit Union Proof of Concept Form

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OMB Control Number 3133-0202

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The Proof of Concept (POC) Form consists of the following four critical elements. A discussion about each of the elements must be completed for your proposed credit union to be considered:

  • Purpose and Core Values
  • Field of Membership
  • Capital
  • Subscribers

Do not close your browser before submitting, or your progress will be lost.

If you have any questions, please contact or CURE, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314.

Contact Information

Please select one primary AND one secondary contact to be responsible for this Proof of Concept form. Multiple people are allowed to be associated with the application. The primary contact will receive the notifications related to this request.

International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555

General Information

Proposed Credit Union Name

Acknowledgment of Researching

All Subscribers have reviewed and are familiar with the NCUA documents outlined in NCUA's Federal Credit Union Charter Application Guide. In addition, subscribers are familiar with the regulatory and consumer requirements for chartering and operating a federal credit union. We have researched requirements for the following:

  • Low-income designation (LID)
  • Community Development Financial Institution (CDFI) designation
  • Minority Depository Institution (MDI) designation

Subscriber Research

Minority Group Type

Select each group you plan to serve.

Financial Services and Products Category

Select a category of financial services and products that your proposed credit union will offer members.

Choose from one of the categories below.

Purpose and Core Values 

A credit union is a member-owned and -controlled, not-for-profit cooperative financial institution formed to permit groups of persons to save, borrow, obtain financial services, and participate in its management. Member ownership and control are what make credit unions unique. 

Think about the following as you describe the reason your organizing group wishes to form a credit union.

  • What is the credit union's mission statement?
  • What are the products and services you plan to offer?
  • Describe future plans or goals on expanding services to ensure long-term viability.
  • Did the subscribers conduct extensive research into credit unions and the rules and regulations that govern them? Describe research completed.

Mission Statement

Products and Services

Future Plans for Expanding

Field of Membership

Potential credit union members must qualify for membership by belonging to a specific group with a common bond. That common bond is known as the Field of Membership (FOM). The three FOM types are Single Common Bond, Multiple Common Bond, and Community. A brief definition of each FOM type is provided below. 

  • A Single Common Bond FOM can be occupation based (i.e., employees of an entity or a trade, industry, or profession (TIP)) or association based (i.e., members and employees of an association).
  • A Multiple Common Bond FOM serves multiple entities. Each entity has its own common bond but does not share the same single common bond with the other entities.
  • A Community FOM must be based on a single, geographically-well-defined local community, neighborhood, or rural district where individuals have common interests and/or interact. More than one credit union may serve the same community. A community is defined as either a single political jurisdiction or a multiple contiguous political jurisdiction.

Each FOM type includes sub-categories with distinctive regulatory requirements. These requirements must be satisfied by your organizing group in order to obtain a federal charter. For a complete description of each FOM type and the respective sub­ categories, please refer to the Definitions section.

Field of Membership Types

What field of membership (FOM) type do you want to serve?

Number of Potential Members

FOM Documentation

Send as email attachment(s) all applicable field of membership documents based on your field of membership type. For additional information, see the Federal Credit Union Charter Application Guide for a list of these documents.

Send email to

Low-Income Designation

The NCUA's low-income designation (LID) is a classification for credit unions that meet certain membership criteria. To qualify, a majority (greater than 50%) of your membership must meet the criteria set forth by the NCUA. Contact CURE at for more information.

Capital Funding Plan

An organizing group must identify and secure donated capital. It may take a few years to achieve profitability. The amount of donated capital needed depends on the complexity of the financial services offered and the projected asset size. Donated capital covers operating losses until the credit union is profitable. Think of donated capital as a gift to the credit union. The funds are not a deposit, investment, or loan, meaning the funds will never be repaid to the organization or individuals donating the money.

Identify how much capital you have obtained commitments for, the source of capital, and any other relevant information. Discuss any non-cash contributions to capital (in-kind donations) and provide supporting documents. Commitment letters from some or all donors strengthen the support for the plan. If you have commitment letters, you may submit them now.

Alternatively, you may submit them in Phase 2. State how long your sponsors have committed to providing long-term support (more than five years).

Funding Sources

Amount of Capital Donated


Years of Sponsor Support

Formal Sponsor Support

Include as email attachment(s) all applicable commitment letters that formally indicate the amount of sponsor support and the length of time the sponsor will support the proposed credit union. Commitment letters must state the sponsor has no expectation of repayment. For additional information, view a sample commitment letter.

Send email to


You are required to have at least seven subscribers of good character and fitness who will be involved in the chartering process. Consider seeking subscribers with diverse backgrounds that include accounting, finance, marketing, legal, and operations experience. Collectively, this group should have the knowledge, skills, and abilities to operate a credit union successfully.

Please enter the names, phone numbers, and email addresses of the subscribers for your organizing group (at least seven are required)

International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555
International phone number, e.g.: +1-555-555-5555


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Do not close your browser or this tab before submitting, or your progress will be lost.

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