145 Credit Unions Lost to Mergers in 2023
In 2023, NCUA approved 145 credit union mergers, down from 181 in 2022.
CUCollaborate Releases New Charter Workbook & Template
CUCollaborate offers a new set of materials for groups beginning the process of chartering a de novo credit union!
We’re fighting for the of credit unions.
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Since 2011merged
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out of existencein 2023
charters
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approvedin the last year
The CU De Novo Collective’s purpose is to keep fighting for the future of credit unions...
even if we may not be around to see it.
credit unions, even if we may not be around to see it.
Credit unions are all about financial empowerment; they’re “power to the people” in the purest sense. But even in 2021, there are many different groups of people who are not well-served by existing credit unions or other financial institutions and fintech.
Sadly, we have nearly lost the ability and resources to create new credit unions to respectfully serve many of these unserved and underserved groups. Moreover, the increasing pace of credit union mergers and consolidation means that the number of credit unions is dwindling fast.
This is a long-term threat to the vibrancy, uniqueness, value, and even the survival of the entire credit union movement. Without new credit unions, we’re just doing the same things banks are doing.
It benefits all credit unions, even large established CUs, to have a vibrant, diverse, and growing movement where all consumers can find their financial “home”.
The time is right, and the time is ripe to revitalize the early entrepreneurial spirit of the credit union movement in new ways. Social movements, technology, and culture are moving together to create an explosion of innovation and a singular moment of opportunity for the entire credit union movement.
The challenges posed by increased regulation, loss of knowledge and expertise, expensive technology, and the need for larger and larger amounts of seed capital, have slowly made the task of starting a new credit union far more difficult over the years.
Here’s what the CU De Novo Collective
is doing about it
The CU De Novo Collective hopes to spark a revolution within the credit union movement where new credit unions can be formed more easily to serve new and existing communities in exciting new ways.
We’re working to help established credit unions and the industry as a whole to support and value new credit unions. In our vision of the future, forming new credit unions will become a common, accepted way of meeting new needs and pursuing new opportunities with a wide array of existing and new communities.
De Novos in the News
New NCUA Charter
Credit Union With Low-income Designation Will Be First Federally Insured Financial Institution in Its Community
The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Unity of Eatonville Federal Credit Union in Eatonville, Florida.
Business Insider
What to know about second chance banking
Nancy Eiden of First Step Alliance was interviewed in this article, discussing financial freedom, services, and education for formerly incarcerated people.
CUbroadcast
CU De Novo Collective Looks to Spur the Creation of New Credit Unions
Join CUbroadcast for a fascinating conversation with Denise Wymore and Dan Marquez about the need for new credit unions and what the CU De Novo Collective is doing about it.