ALEXANDRIA, Va. — The National Credit Union Administration (NCUA) announced Monday that it will provide consulting services to 161 federally insured credit unions in order to "help them grow, innovate and provide better member services."
To be offered through NCUA's Office of Small Credit Union Initiatives (OSCUI), the consulting services will include such things as assistance in developing growth strategies, planning for new products, creating succession plans and other activities. All such services will be provided at no charge.
NCUA board chairman Rick Metsger said in a statement that through such consulting services, the NCUA will help credit unions "do a better job of providing affordable financial services to their members."
Metsger harkened back to his own experience as a credit union board member. "I learned the importance of the type of strategic thinking and planning our consulting program [provided]," he said. "I hope eligible credit unions will consider applying for our consulting program in the future."
Credit unions can nominate themselves to receive consulting services or be nominated by an NCUA or state examiner. To be eligible for consulting assistance, a credit union must have assets of less than $50 million, have been chartered for fewer than 10 years, have a low-income designation or be a minority depository institution.
The agency explained that credit unions chosen for the consulting program will work with an experienced NCUA economic development specialist for a six-month semester.
NCUA is now accepting consulting program nominations for the first semester of 2017. The deadline for submitting such nominations is November 30.
