New guide from agency aims to make it ‘less daunting’ to start a new credit union

A new guide to starting a credit union was released Thursday by the federal credit union regulator which, it said, can assist people who want to bring federally insured financial services to their communities by starting a credit union.

The National Credit Union Administration (NCUA) indicated its new Charter Application Guide is designed to make the process for starting a new credit union less daunting. “Organizing a new credit union takes time, resources, and commitment,” NCUA Board Chairman Todd Harper said in a statement. “A clear, step-by-step roadmap for applying for a federal charter helps organizers lay a foundation for success.”

The agency said the guide was developed as its Advancing Communities through Credit, Education, Stability, and Support (ACCESS) Initiative, which debuted in 2020. The agency said the initiative aims to foster greater economic equity and justice through the modernization of regulations, policies, and programs that support financial inclusion within the NCUA and, more broadly, throughout the credit union system.

A key component of ACCESS is supporting the development of new credit unions, the agency said.

NCUA’s New Guide Simplifies, Clarifies Federal Credit Union Charter Application Process