Bonus Compliance Question of the Week

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:

Gift certificates and Foundation scholarships are available for all NWCUA events.

Related Links

NCUA Letter to FCUs 00-FCU-02
NCUA FOMIA

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, Federal, NCUA, NWCUA.