How do you start a Credit Union?
Starting a Credit Union involves several vital steps. First, gather a group of like-minded individuals who share a common bond, such as a workplace or community. Next, research your local regulations and requirements, as well as any necessary permits or licenses. Develop a comprehensive business plan that outlines your Credit Union's objectives, financial projections, and membership criteria. Finally, establish a board of directors and apply for a charter from the National Credit Union Administration (NCUA) to officially launch your Credit Union.
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