NCUA Form 4505 Affidavit - Proof of Results of Membership Vote - Proposed Conversion From Federal Credit Union to State Credit Union

What Is NCUA Form 4505?

This is a legal form that was released by the National Credit Union Administration and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is NCUA Form 4505?
A: NCUA Form 4505 is an affidavit used to show proof of the results of a membership vote regarding the conversion of a federal credit union to a state credit union.

Q: What is the purpose of NCUA Form 4505?
A: The purpose of NCUA Form 4505 is to provide evidence of the membership vote results for the proposed conversion from a federal credit union to a state credit union.

Q: Why is a membership vote necessary for the conversion?
A: A membership vote is necessary for the conversion to ensure that the members of the credit union have a say in the decision and can express their support or opposition to the proposed conversion.

Q: What is a federal credit union?
A: A federal credit union is a financial institution regulated by the National Credit Union Administration (NCUA) and has members who are part of a common bond, such as working for the same employer or belonging to the same organization.

Q: What is a state credit union?
A: A state credit union is a financial institution regulated by the state in which it operates and has members who are part of a common bond, such as residing in the same locality or belonging to the same community.