There is no minimum number. However, NCUA is concerned with the economic advisability of the proposed credit union. NCUA must be satisfied the institution will be viable, will provide needed services to its members, and will have a reasonable opportunity to succeed. Usually, the sponsor provides the initial capital for a proposed credit union. There is no minimum capital level required.
Immediate family is defined as a spouse, child, sibling, parent, grandparent, or grandchild.
The definition also includes stepparents, stepchildren, stepsiblings, and adoptive relationships. Household is defined as persons living in the same residence maintaining a single economic unit. Field of Membership Expansion Questions 21. A federal credit union that desires to add an underserved community in its field of membership must identify an underserved area, develop a business plan, identify the credit and depository needs of the community, and detail how the credit union plans to serve those needs. The NCUA Board raised the threshold for applications where the expanding credit union does not have to address the group's ability to form a separate credit union to 500 persons.