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!
NCUA to Introduce Provisional Charter for New CUs
At the 2023 GAC, NCUA board Vice Chairman Kyle Hauptman announced that the NCUA will be “rolling out” a provisional charter intended to help new credit unions raise capital.
NCUA Charters New Montana CU!
The Morning Star Federal Credit Union to serve Big Horn & Rosebud Counties
The new credit union will increase access to safe, fair, and affordable financial products in an underserved, primarily Native American community.
NCUA Charters New CU in the Bronx!
New York Episcopal Federal Credit Union Gains Federal Charter
The NCUA has granted a federal charter and Share Insurance Fund coverage to New York Episcopal Federal Credit Union in the Bronx, New York.
NCUA Charters New Arkansas CU!
People Trust Community Federal Credit Union Will Serve Low and Moderate-Income Communities in Central Arkansas
The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to People Trust Community Federal Credit Union in North Little Rock, Arkansas.
NCUA Green Lights New Charter Application for Diverge Proposed Federal Credit Union
Something Radically Inclusive is Coming to Financial Services!
Diverge PFCU is a groundbreaking initiative that will expand financial access for historically unbanked individuals and their families.
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. 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
Big News from GAC
NCUA to Introduce Provisional Charter for New CUs
At the 2023 GAC, NCUA board Vice Chairman Kyle Hauptman announced that the NCUA will be “rolling out” a provisional charter intended to help new credit unions raise capital.
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.
First New CU Charter of 2022
NCUA Charters WeDevelopment Federal Credit Union
On August 4, 2022, the National Credit Union Administration announced that the Agency had granted a Federal charter and Share Insurance Fund coverage to WeDevelopment Federal Credit Union in Kansas City, Missouri.
WeDevelopment will bring safe, fair, and affordable financial services to a community with a poverty rate of approximately 30 percent.
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.
US House Financial Services Committee
Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals
Committee Chair Maxine Waters (CA) includes Returning Citizens Initiative in a recent hearing of the Subcommittee on Diversity & Inclusion
Remarkable Credit Union Podcast
How Credit Unions Can Help Members Thrive in a Brave New World
What does a “just recovery” look like, and how can credit unions help the communities most impacted by COVID to not only get back on track, but to thrive?