NCUA announces a more efficient charter process for credit unions

Starting a new credit union will have a more streamlined process in the future. The NCUA announced a revised Phase 1 system for new charter applications for groups navigating the process to create a new federal credit union. The new Phase 1 system focuses on obtaining preliminary approval of the proposed credit union’s field of membership. 

In the agency’s release, NCUA Chairman Kyle Hauptmann noted that this effort is among his top priorities. 

“Streamlining and systematizing the chartering process, as well as reducing unnecessary requirements, represents meaningful progress in easing the burden on organizers who want to establish a new credit union. Anyone who seeks to form a credit union should have a fair and accessible opportunity to do so.” 

America’s Credit Unions has advocated in support of easing the process to charter new credit unions and will continue to engage the agency as these updates evolve. These changes, along with the announcement that additional updates to the remaining charter application Phases are underway, will effectively streamline the charter process and increase access to the financial freedom credit unions provide their members. 

Read the full announcement