NCUA Introduces the Office of Credit Union Resources and Expansion (CURE)

The National Credit Union Administration (NCUA) has created, as part of its agency-wide realignment to better focus resources in a changing financial services environment, the Office of Credit Union Resources and Expansion (CURE). CURE began operations on January 7, 2018 and will support low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions. Wednesday, the agency held a webinar on CURE that will be archived and available to view in approximately three weeks, click here to register for access.

CURE’s Mission
CURE’s mission is to “Let us help you grow” by assisting credit unions through various stages of strategic development and expansion. They plan to provide support to low income, minority, and any credit union seeking assistance with chartering, charter conversions, by-law amendments, field-of-membership expansion requests and low-income designation. Besides chartering and field of membership, credit unions will have access to online training and resources, the Community Development Revolving Loan Fund, Community Development Financial Institutions streamlined certification application and a program for preserving and growing minority depository institutions.

What Services and Resources does CURE Offer?
CURE offers a customer service approach to credit unions seeking regulatory and resource assistance in their development and expansion efforts.  Services and resources CURE offers includes:

  • Grants and low-interest loans for low-income-designated credit unions.
  • Help with Community Development Financial Institution certification, including access to the streamlined CDFI-certification application.
  • Learning Management Service that delivers online training for credit unions at no cost. Available training topics include governance issues, new products and services, and how to improve operations. CURE will be adding training on field of membership, charter changes, and share insurance. 
  • CURE Consumer Access Coordinators are available to provide remote assistance to those credit unions struggling to complete field-of-membership expansion documents. This could come in the form of assistance developing a pro forma budget, marketing plan, and other needs. 
  • A minority depository institution program to preserve and grow these institutions. 

CURE will continue to update its website in the coming months.

CURE Credit Union Resources:
Email: CUREmail@ncua.gov   Phone: 703.518.6610   Website: CURE

For more information on CURE or other compliance solutions, contact NJCUL’s Vice President of Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org or call 1-800-792-8861, option 1.

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