De Novo Credit Unions: Starting a New Credit Union Checklist

De Novo Credit Unions: Starting a New Credit Union Checklist

Co-Op Formation
  • Charter type selection
  • Share insurer selection
  • Strategic affiliations
  • Committees formation
  • Application for R&T and agreements with the Federal reserve
  • NACHA affiliation, Federal Reserve or The Clearing House
  • Consultant or sponsoring credit union selection
  • State and other local regulatory applications
  • League affiliation
  • Management and human resource plan
    • Organization chart
    • Job Descriptions
    • Policy derivation
    • Payroll
    • Medical insurance
    • 401k
    • Staff training
  • Corporate affiliation and settlement services
    • Investment advisor and safekeeping
    • Settlement services
    • ACH settlement
    • Liquidity provider
    • Wire transfers
    • Branch Capture/Check21
  • Bond and insurances
  • Logo and stationary
  • Facility, furniture, and other fixed assets related to infrastructure
  • Risk assessments related to products and services offered
Policies
  • Fair Lending Policy and Loan Policy
  • Collection Policy
  • Loan Charge-Off Policy
  • Allowance for Loan and Lease Losses Policy
  • Investment Policy
  • Cash Policy
  • Bank Secrecy Act/Customer Identification Program
  • Office of Foreign Assets Control Policy
  • Truth-in-Savings Policy
  • Courtesy Pay Policy
  • Director Fiduciary Duties
  • Reimbursement Policy
  • Asset Liability Management Policy
  • Liquidity Policy
  • Vendor Management/Third Party Relationships
  • E-Commerce Policy
  • Security Program
  • Disaster Recovery and Business Continuity/Resumption Policy
  • Privacy Policy
  • Identity Theft Red Flags, Credit Report Discrepancies, and Records Disposal
  • Document retention and destruction
Disclosures
  • Account opening including regulatory required disclosures
  • Loan forms
  • NCUA or other insurance provider logo
  • Lobby signs including regulation CC and fair housing
  • OFAC required disclosures
Vendor Selection
  • Core, home banking/mobile, RDC, remote account opening, audio banking
  • BSA, OFAC, Financial Institution Data Match (FIDM) scanning, and suspicious activity monitoring
  • ACH processing
  • Bill pay provider
  • Debit, ATM, and credit card provider
  • Shared Branching provider
  • Electronic document archival solution and eSign
  • Corporate and collection attorney
    • Contract reviews
    • Consulting on legal and compliance matters
  • Website
  • Security system
  • Vendor management
  • Compliance resources including things like BSA training
  • Statement production provider
  • Internet service provider
  • Phone system
  • Network infrastructure and security monitoring
  • Marketing
  • Financial, BSA/OFAC, ACH, IT audit firms
  • Cash and courier services
  • Item processing
  • Credit insurance/Debt Protection provider
  • Credit bureau relationship
  • Document retention and destruction provider
  • Member check provider (check printer?)
  • ALM provider
  • ITMS
  • A2A
  • Loan Payment Solution