admin — Wed, 16 Feb 2011 01:00:40 +0000

Richards & Associates was founded in 1967 by two former NCUA examiners and throughout the years has provided professional services to hundreds of credit unions. In 1968, members of the firm were instrumental in the formation of the National Association of Federal Credit Unions (NAFCU), now one of the two largest national trade associations representing credit unions. This newly formed trade association spearheaded the effort to obtain federal share insurance for credit union members. A partner of the firm was included in a select group of individuals, who actually testified before the United States Congress to enact legislation providing deposit insurance. This successful legislation paved the way for the creation of the National Credit Union Share Insurance Fund (NCUSIF), which is the envy of the financial industry.

During the early 1970s, William D. Richards, co-founder of the firm, developed a single signature loan system that completely revolutionized lending in credit unions. Utilizing the legal background of our professional staff, we created a lending system that enabled credit union members to request loans over the telephone and receive funds in the mail, without having to visit the office. It was the forerunner of current loan systems being marketed and installed in hundreds of credit unions throughout the nation. So unique was this concept that NCUA examiners commonly referred to the endorsement signature lending programs as “Richards’-type Loan Systems.”

Richards & Associates, CPAs