A credit union is a type of financial cooperative that provides traditional banking services. Ranging in size from small, volunteer-only operations to large entities with thousands of participants spanning the country, credit unions can be formed by large corporations, organizations, and other entities for their employees and members.

Credit unions are created, owned, and operated by their participants. As such, they are not-for-profit enterprises that enjoy tax-exempt status.

Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions. 

Share insurance coverage offered through the NCUSIF protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with federally insured credit unions because no member has ever lost a penny from accounts insured by the NCUSIF.

Historically, insured funds are available to members within just a few days after the closing of an insured credit union. Failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage.

The NCUA also regularly reviews the operations of all federal credit unions and works closely with state regulatory authorities to evaluate federally insured, state-chartered credit unions.

Maven must first undergo a successful raise. Then, Maven submits for a full charter. Once successfully chartered, Maven will become a Federally Insured Credit Union (FICU). 

The credit union is owned by the community it serves. Each depositor receives what is called “shares”. Shares represent ownership in the credit union. Share account holders (depositors) and ownership are one and the same. Unlike a private or publicly traded bank, there are no separate shareholders. Every member receives one vote in how the credit union conducts business, therefore the membership shapes the credit union through majority consensus.

We are in the Chartering Phase. There are 2 major phases during the chartering process for a Federally Insured Credit Union (FICU). 

Phase 1: Precharter – A group of individuals have submitted a proof of concept for a potential FICU to the National Credit Union Administration (NCUA). Upon acceptance of the proof of concept package which is comprised of various steps including meeting compliance standards of the Federal Credit Union Act & Regulation 701, being able to demonstrate financial & accounting competency, rigorous background checks by the U.S. Federal Government, and crafting a Field of Membership that meets extensive criteria and standards of the NCUA, the group seeking to organize a FICU will be given Precharter status. 

Phase 2: Chartering – A proof of concept then becomes a Proposed Federal Credit Union. During this phase, the organization is given approval to approach individuals or organizations to raise charitable contributions for donated equity  to start the FICU, conduct a survey (consensus) to determine product line, and amass an extensive charter package to include the results from the survey for submission to the NCUA. After a thorough review, investigation and several interviews with proof of funds, pending a properly organized charter package (and NCUA approval) the NCUA will issue the FICU a Charter to include mutually agreed upon terms in a Letter of Understanding.

The NCUA has approved Maven Federal a Field of Membership for an Association Common Bond which is sponsored by the Government Blockchain Association.

The field of membership of this federal credit union shall be limited to the following:

1. Natural person individual members of the Government Blockchain Association;
2. Natural person organizational* members of the Government Blockchain Association;
3. Employees of the Government Blockchain Association; and
4. The Government Blockchain Association.

A number of persons, by their close relationship to a common bond group, may be included, in the field of membership. These include the following:

Spouses of persons who died while within the field of membership of this credit union;

Employees of this credit union;

Persons retired as pensioners or annuitants from the employment organization

Volunteers;

Members of the immediate family or household;

Honorably discharged

Immediate family is defined as spouse, child, sibling, parent, grandparent, or grandchild. For the purposes of this definition, immediate family member includes stepparents, stepchildren, stepsiblings, and adoptive relationships.

Household is defined as persons living in the same residence maintaining a single economic unit.

Membership eligibility is extended only to individuals who are members of an “immediate family or household” of a credit union member. It is not necessary for the primary member to join the credit union for the immediate family or household member of the primary member to join, provided the immediate family or household clause is included in the field of membership.

However, it is necessary for the immediate family member or household member to first join for that person’s immediate family member or household member to join the credit union.

Volunteers, by their close relationship with a sponsor group, may be included.

Maven Federal Credit Union wishes to adopt the following:

Under the Federal Credit Union Act, once a person becomes a member of the credit union, such person may remain a member of the credit union until the person chooses to withdraw or is expelled from the membership of the credit union. This is commonly referred to as ‘once a member, always a member.’

Membership Eligibility

In order to confirm association with the Government Blockchain Association, potential member(

-paystub

-Government Blockchain  Association Membership evidence to include member identification,

membership account documents, membership purchase receipt, name listed on membership list;

-employee or consulting contract with Government Blockchain Association;

-Government Blockchain Association employment badge;

-Letter from the Government Blockchain Association confirming membership;

-Government issued identification to include Military ID.