To help small credit unions grow and innovate, the National Credit Union Administration is offering consulting services to 153 small, federally insured credit unions this year.
“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,” NCUA Board Chairman Rick Metsger said. “Our economic development specialists offer valuable advice with the kind of strategic planning that promotes growth, innovation and better member services.”
To qualify for the consulting services, a credit union must have less than $100 million in assets, be chartered for less than 10 years, have a low-income designation, or be a minority depository institution. For the first semester, which runs through June 30, 2017, almost half have less than $10 million in assets, while 62 percent have a low-income designation and 19 percent are minority depository institutions.
The consulting services, offered at no charge, are designed to assist credit unions in developing growth strategies, planning for new products, and creating succession plans. Credit unions work with an experienced NCUA economic development specialist for a six-month semester.
NCUA is seeking consulting program nominations for the second semester of 2017, which runs from July 1 through Dec. 31. Nominations are due by May 31.