Deadline Nears for Free NCUA Consulting
May 13, 2015
May 13, 2015
Credit unions that qualify for consulting assistance from the National Credit Union Administration’s Office of Small Credit Union Initiatives have until May 31 to submit nominations, the agency announced last week.
“I encourage all qualified credit unions to submit a nomination for our consulting program,” NCUA Board Chairman Debbie Matz said. “The world becomes more competitive every day. NCUA’s consulting program offers hands-on assistance and practical advice to help credit unions take advantage of opportunities in the marketplace and do an even better job of delivering affordable financial services to their members.”
To be eligible for consulting assistance, a credit union must fall into one of the following categories: have total assets of less than $50 million, have been chartered for fewer than 10 years, be designated a Minority Depository Institution or have the NCUA low-income designation. Credit unions not chosen in one round may apply again in subsequent rounds.
The application is available online here. Credit unions may nominate themselves or be nominated by an NCUA examiner. The consulting services, available at no charge, are provided for a six-month period. Credit unions chosen to participate in the program will be announced in June. The next round of consulting begins July 1, 2015.
John Trull, NWCUA’s AVP of regulatory advocacy, has offered to fill out nomination forms on behalf of interested credit unions.
Several characteristics are necessary to make the consulting relationship successful:
- An engaged and motivated management team committed to implementing the ideas generated during the consulting engagement,
- A desire to explore a credit union’s problems and challenges and work with the consultant to develop creative solutions, and
- The willingness to form a partnership with the consulting NCUA expert.
In 2014, more than 400 federally insured credit unions and 26 new credit union organizers received consulting help from one of NCUA’s Economic Development Specialists. These specialists work with credit unions to find solutions to challenges like field of membership expansion, strategic planning, marketing and budgeting.
To learn more or to request a nomination, contact John Trull at 503.350.2209 or email@example.com.
Posted in NCUA.