162 Credit Unions Lost to Mergers in 2024
In 2024, NCUA approved 162 credit union mergers, up from 145 in 2023.
... and approved only three new charters.
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The CU De Novo Collective Foundation is OPEN for donations for de novos!
We’re fighting for the of credit unions.
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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. Most of the charter applications we are working with currently are for minority groups that are not being served by traditional banking (this includes credit unions).
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 chartering process is designed to protect the insurance fund, therefore it is very arduous and with little to know guidance from the movement, well-intentioned individuals struggle through the process because they do not have any background in financial services. Secondly, the amount of capital that is required (as a donation) is often difficult to raise.

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.
Small Credit Unions and De Novos in the News
No Credit Union Left Behind
Two New Mexico Credit Unions Avoid Merger with Mentoring from Small CU CEOs
Thank you to Juan's Unscripted "No credit union left behind" series for highlighting the 6th cooperative principle, cooperation among cooperatives. THIS is how we save the movement from extinction.
CU Today
Why is NCUA Overlooking the Biggest Fee of All?
NCUA has made a priority out of the F word in 2024—fees--announcing a special focus on NSF and OD fees this year. And yet the agency seems to have little interest in the biggest and most egregious fee of all—the “merger” fee.
NCUA
Provisional Charter Granted to Tribe FCU
Tribe Federal Credit Union is the first federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative(Opens new window). The provisional charter pilot is one of several recent measures the NCUA has taken to modernize and improve credit union chartering.
CU Connection
CU De Novo Collective Foundation Launches Fundraiser
Today marks a significant milestone in the credit union movement with the establishment of the Louise Herring Fund. Named in honor of Louise Herring, a pioneering advocate for the credit union movement, the fund aims to support the creation and growth of new credit union charters across the United States.
CUInsight
New Credit Unions are Stuck in Limbo - Here's How we can Help
There were 5.5 million applications to start new businesses in 2023, according to the U.S. Small Business Administration. That same year, the credit union movement started just two. Back when I worked for the national trade association, I would semi-regularly receive phone calls from groups who were working on starting a new credit union.
NCUA
NCUA grants 1st new charter in 2025
The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Heritage Hub Federal Credit Union, located in Houston. Heritage Hub will primarily serve people who live, work, worship, or attend school in an 84-census-tract community within Harris County, Texas.