How to Charter a New Credit Union with Keith Stone and Rick Mumm

Credit Union Exam Solutions Presents With Flying Colors

Guests:
- Keith Stone, CEO of The Finest Federal Credit Union and New Jersey PBA Federal Credit Union
- Rick Mumm, former NCUA examiner and credit union consultant

Key Points:

- Keith Stone discusses his background in credit unions, including chartering The Finest FCU for law enforcement in New York in 2014-2015
- Rick Mumm shares his 35+ year career at NCUA, including work in chartering and field of membership
- They discuss the process of chartering the new New Jersey PBA Federal Credit Union, set to open next month
- Key challenges in chartering a new credit union:
- Proving the concept/need for the credit union
- Securing initial capital funding
- Navigating NCUA's chartering process and requirements
- Benefits of having experienced help to "speak NCUA's language" and present information properly
- Importance of having a committed sponsor group and sufficient capital to start
- How The Finest FCU is leveraging shared services to support the new NJ PBA FCU
- Keith's work with new NYPD recruits, offering low-rate loans for equipment
- Their mission to provide better financial services for law enforcement

Contact Info:
Keith Stone: 646-661-1331
Rick Mumm: [e-mail]