Proof of Concept for New Charter Organizing Groups

The Credit Union Resources and Expansion (CURE) office of NCUA is responsible for the review and approval of charter applications submitted by organizing groups. CURE is enhancing the application process for organizers to submit their information through an automated system to document the four most critical elements to establish a new charter. The four areas are usually the greatest challenge for organizers to accomplish. The automated system will assist organizing groups in demonstrating that they have thoroughly evaluated the proposed credit union’s operations by documenting the most critical elements of a new charter, such as the purpose and core values, field of membership, capital, and subscribers. The data will be reviewed by NCUA to determine the adequacy of a group’s proof of concept and provide guidance as needed. The purpose of this information collection is to identify the level of understanding an organizing group has before they make a formal charter application submission as prescribed by Appendix B to 12 CFR Part 701.

The latest form for Proof of Concept for New Charter Organizing Groups expires 2022-06-30 and can be found here.