Phase 2: Preparing the Charter Application

The purpose of this phase is to demonstrate how the proposed credit union would be economically advisable. In addition, the applicant must provide details on how the proposed credit union will offer services and meet the needs of its members. You will begin this phase after NCUA approves your Phase 1 form submission.

Activities in this phase include, but are not limited to:

• Identifying subscribers and credit union officials

• Developing and conducting a survey of your proposed federal credit union’s potential membership

• Analyzing market conditions and determining start-up costs and sources of capital to cover those costs

• Developing a business plan

• Developing bylaws and policies

NCUA requires applicants to use the Federal Credit Union Bylaws approved by the NCUA Board. These bylaws give organizers a variety of options to select from to govern the proposed credit union. Bylaw amendments outside the scope of those already approved are rare and require NCUA's approval separately in accordance with NCUA regulations part 701, Appendix A, Federal credit union Bylaws.

Last updated on March 30, 2026