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 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.
