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Report File
Date Issued
Submitting OIG
National Credit Union Administration OIG
Other Participating OIGs
National Credit Union Administration OIG
Agencies Reviewed/Investigated
National Credit Union Administration
Report Number
OIG-24-09
Report Description

The NCUA OIG conducted this audit based on OIG’s 2023 Annual Work Plan to assess the NCUA’s revised process to charter new federal credit unions. The objectives of our audit were to determine whether: (1) the NCUA’s efforts to streamline its chartering process made it more efficient and effective for potential organizers interested in applying for a new federal credit union charter; and (2) the NCUA adequately communicated its revised chartering process to potential organizers. The scope of our audit covered the NCUA’s chartering activities from January 2019 through June 2024.

Report Type
Audit
Agency Wide
Yes
Number of Recommendations
4
Questioned Costs
$0
Funds for Better Use
$0
Additional Details
https://ncua.gov/files/audit-reports/oig-audit-ncua-federal-chartering-process…

Open Recommendations

This report has 4 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
1.OIG-24-09Recommendation No $0 $0

Develop a centralized system and institute a phone log system to modernize and streamline the chartering application process.

2.OIG-24-09Recommendation No $0 $0

Quantify and clarify the deferral process for organizing groups by establishing clear guidelines and milestones to ensure enhanced transparency and understanding.

3.OIG-24-09Recommendation No $0 $0

Post detailed information about the NCUA’s charter deferral process on the agency’s website to clearly communicate expectations and provide organizing groups with a transparent and comprehensive understanding of deferrals within the charter application process.

4.OIG-24-09Recommendation No $0 $0

Establish a structured communication process within the NCUA’s federal credit union chartering process that sets expectations, timeframes, and ownership of responses to inquiries initially directed to the NCUA Board and/or NCUA senior management from charter organizing groups to ensure improved operational effectiveness and customer service.

National Credit Union Administration OIG

United States