A foreign credit union is a credit union organized under the laws of another state or territory of the United States that may conduct business as a state-chartered credit union in this State with the approval of the Administrator, provided state-chartered credit unions incorporated under Articles 14A through 14M of this chapter are allowed to do business in the other state under conditions similar to these provisions.  NCGS §54-109.106

Management must submit a Dividend Request form by the 20th of the month in which the credit union is scheduled to post the dividend and has negative year-to-date earnings.  NCGS §54-109.54

The Current Expected Credit Losses (CECL) methodology was introduced by the Financial Accounting Standards Board (FASB) in its Accounting Standards Update (ASU) 2016-13, Topic 326.  Federally insured credit unions with assets of $10 million or greater must comply with CECL.  Federally insured credit unions with assets less than $10 million are allowed to use any reasonable reserve methodology that adequately covers known and probable loan losses instead of implementing CECL.

Yes. At least 60 days prior to converting records or changes to Electronic Data Processing (EDP) services/core processing systems, a copy of the proposed contract shall be submitted to the Credit Union Division for approval.  Please see NCAC 06C .0301(c) for more information.

Scheduling is dependent upon several factors including the overall financial condition of the credit union, the complexity of the credit union, the size of the credit union, historical information, as well as any other factors noted in the pre-scoping process.

Examinations are performed based on the amount of risk identified in each institution; therefore, no two examinations are going to be completed based on the exact same criteria and risk characteristics. After the examination is completed, a formal report is generally written and submitted to the Board and management within 30 days of the exit meeting with management. Some examination reports may be submitted in a much shorter time frame, while more complex and larger examinations take a longer period of time to complete. Regardless of the institution, the Division always strives to communicate the status of all reports during this process.

Credit unions seeking a community charter must submit a request letter and detailed information including the area of expansion, rationale, and the fiscal impact as well as a business plan.  Supporting letters from the community in which the expansion will occur will also be needed.  Credit unions considering a community charter should call the Division for an initial discussion.  NCGS §§ 54-109.3 & 54-109.26 and 04 NCAC 06C .0203

If you relocate an existing office in the same county, you must notify the Administrator of Credit Unions. If the office is relocated in the same state, but moved out of the county, you must record this with the Register of Deeds of both counties.

Please contact Administrator Kristina Ray at 984-275-6743 or email at kristina.ray@nccud.nc.gov.

Semi-annual supervisory fees are calculated using the total assets of North Carolina state-chartered credit unions as of the December 31 and June 30 Call Reports. Supervisory Fee Schedules are emailed to credit union managers in January and July. The total fees are based on the projected budgetary needs of the Credit Union Division. The Administrator discounts the fees whenever possible.

Please submit a NCCUD Branch application that is inclusive of a business plan with a three-year proforma as well as a marketing plan. Please contact the Credit Union Division for more information at 984-275-6730 or email support@nccud.nc.gov.  NCGS § 54-109.6

Records are classified as either permanent or non-permanent and should be maintained in accordance with 04 NCAC 06C .1001 and .1002 Retention of Records. Additionally, there may be retention requirements that are enforceable by other regulatory agencies. 

After the examination is complete, the Report of Examination is generally written and submitted to the Board and management within 30 days of the management exit meeting. Some Report of Examinations may be submitted in a shorter time frame, while more complex and larger examinations take a longer period of time to complete.  NCCUD strives to communicate the status of all Reports of Examination during this process.

Credit unions interested in merging should contact and discuss the proposed merger with the Administrator.  Credit unions considering a merger should review NCGS §54-109.94, 04 NCAC 06C .0206, and the Merger Application Packet.  

Credit unions seeking to expand their field of membership should complete the Application for Field of Membership (FOM) Expansion located under Administrative Forms on our website.  Credit unions considering a merger should review NCGS §§ 54-109.3,  54-109.26, and 04 NCAC 06C .0203

Credit unions wishing to relocate a branch must notify the Administrator by completing the Notification to Close a Branch form and also complete a Branch Application form.  If the office is relocating to an existing branch in the same state, but moved out of the county, the change shall be recorded with the Register of Deeds of both counties.  If the branch is relocating into a newly constructed, purchased, or leased facility, a Branch Application form is required. 

Supervisory Fee Schedules are emailed to credit union managers by January 31 and July 31. 

If a facility contains a member service operation the credit union must submit a branch application. 

Please refer to the Approvals & Notifications page for more information.  This list may not be all inclusive.