Bonus Compliance Question of the Week
March 7, 2012
March 12, 2012
How does a federal credit union add different language to its charter to increase membership?
The credit union must apply to its regional National Credit Union Administration (NCUA) office for a charter amendment, which can easily be done online using Form 4015-EZ. The NCUA will treat this amendment request as a housekeeping matter.
Remember, if a federal credit union wants to serve a business that is not otherwise referenced in the credit union’s charter and is not wholly owned by people within the credit union’s field of membership, the credit union will have to formally amend its charter to add the business by name to the charter.
Interested in learning more?
Several upcoming training opportunities from the Northwest Credit Union Association (NWCUA) address issues related to membership growth, membership retention and lending to small businesses, including the following teleconferences and webinars:
- How to Improve Your Membership Retention on March 13
- Courting Boomer Members: A Key Business Growth Strategy on March 29
- Lending Series: Lending to the Small-Business Owner in Today’s Economy on April 3
- Service EXTRAordinaire: Increasing Member Loyalty and Profitability on April 18
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.