The National Credit Union Administration on Thursday said it will provide consulting services to 153 small, federally insured credit unions during the first half of 2017.
NCUA said all the credit unions selected for the consulting program have assets of less than $100 million, and nearly half have assets of less than $10 million. Sixty-two percent are credit unions with a low-income designation and 19% are designated as minority depository institutions.
According to NCUA, its consulting services – offered through the agency's Office of Small Credit Union Initiatives – provide participating credit unions with assistance in areas including developing growth strategies, planning for new products and creating succession plans. Credit unions chosen for the consulting program work with an experienced NCUA economic development specialist for a six-month semester, the agency said, and the services are provided at no charge.
"NCUA's consulting program has helped hundreds of small credit unions up their game, and I hope more of them will take advantage of this opportunity in future rounds," Rick Metsger, NCUA board chairman, said in a statement. "Our economic development specialists offer valuable advice with the kind of strategic planning that promotes growth, innovation and better member services."
Nominations Open Now
NCUA also said it is accepting consulting program nominations for the second semester of 2017, which runs from July 1 through Dec. 31. NCUA must receive nominations by May 31 at 5 p.m. Eastern Time. A credit union can nominate itself or be nominated by an NCUA or state examiner.
To be eligible for consulting assistance, a credit union must have assets of less than $100 million, have been chartered for fewer than 10 years, have a low-income designation or be a minority depository institution.
