ALEXANDRIA, Va.– NCUA has released what it said is a streamlined Phase 1 system for new charter applications, adding that additional updates to the remaining Phases are planned.
Phase 1 of a new charter application focuses on obtaining a preliminary approval of the proposed credit union’s field of membership, according to the agency.
“Chartering remains one of my highest priorities,” NCUA Chairman Kyle S. Hauptman said. “Streamlining and systematizing the chartering process, as well as reducing unnecessary requirements, represents meaningful progress in easing the burden on organizers who want to establish a new credit union. Anyone who seeks to form a credit union should have a fair and accessible opportunity to do so.”
In December 2024, the agency noted the board approved $2 million to develop the online chartering system.
“Work continues on streamlining charter applications, and NCUA expects to release a fully automated system for processing charter applications in 2027,” the agency added.
