NCUA is encouraging groups seeking to organize credit unions to take advantage of the agency’s new digital tool to help them with the charter application process.

The Chartering Proof of Concept tool is an automated system that will help credit union organizers better understand the process and how to prepare a charter application. The tool will streamline that process by allowing NCUA’s Office of Credit Union Resources and Expansion to preview the information to be included in an application.

Organizers will use the tool to evaluate how well they meet the requirements for starting a credit union by reviewing the four critical application elements: purpose and core values, field of membership, capital, and subscribers. They will address questions specific to these critical areas and submit answers to the agency for review.

To learn more, view the NCUA’s press release.