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NCUA Will Provide Consulting Services to 161 Credit Unions, Including Some in Cornerstone Region
Thursday, July 21, 2016 6:45 AM

Consulting services provided by the National Credit Union Administration to 161 federally insured credit unions will help them grow, innovate, and provide better member services, the agency announced Monday. A number of credit unions in the Cornerstone region are part of those receiving the services.

“Through the agency’s consulting services, NCUA is helping credit unions do a better job of providing affordable financial services to their members,” NCUA Board Chairman Rick Metsger said. “Thinking back to my own experience as a credit union board member, I learned the importance of the type of strategic thinking and planning our consulting program provides. I hope eligible credit unions will consider applying for our consulting program in the future.”

Credit unions chosen for the consulting program will work with an experienced NCUA economic development specialist for a six-month semester. Almost half of the credit unions selected to receive consulting services during the second half of 2016 have assets of less than $10 million. Fifty-two percent are low-income-designated credit unions, and 16 percent have both the low-income and minority depository institution designation. 

Lorri Gaither, Cornerstone Credit Union League VP Small Credit Union Development, said, “NCUA’s consulting program is a tremendous resource for qualified credit unions. The consulting services being offered include guidance in several areas, from budgeting to field of membership expansion. I would encourage credit unions to take advantage of all their resources. The more resources the credit union can tap into, the easier it is for them to prosper and grow.”

Offered through NCUA’s Office of Small Credit Union Initiatives, the consulting services​ provide participating credit unions with assistance in developing growth strategies, planning for new products, creating succession plans, and other activities. The services are provided at no charge. 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.

NCUA is now accepting consulting program nominations for the first semester of 2017. An online nomination form is available here, and the deadline for submitting nominations is Nov. 30 at 4 p.m. CT.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.