Organizing a New Credit Union   Credit unions are formed when a group of people work together to develop a common bond or "Field of Membership," such as occupation, association or interest, or residence within a well-defined community. The group then selects a Board of Directors, forms committees, and develops a business plan. The plan is submitted to either the National Credit Union Administration (NCUA) or the Georgia Department of Banking and Finance for review and approval. Most credit unions, in recent history, have been formed through sponsorship by a company for its employees or through faith-based organizations such as churches.