Faculty participation in mentoring undergraduate research can be limited by the time demands involved and the relatively low compensation typically offered at most institutions. The system designed by Chapman University's Office of Undergraduate Research and Creative Activity (OURCA) facilitates independent research by undergraduate students who wish to receive academic credit and awards teaching credit to faculty members who mentor this research. This faculty-student research banking (FSRB) program counts student research credits toward faculty teaching loads, allowing 24 credits to be exchanged for a one-course reduced teaching load in a future academic term. The financial and structural parameters of the FSRB program and data from the first three years of its operation are provided, including guidelines developed and lessons learned, which may assist other institutions in applying and creating similar systems.