Despite challenges, NCUA determined to help get more de novos off the ground
The regulator has only chartered six new credit unions since the start of 2023 but remains steadfast that the initiative is a priority.
The National Credit Union Administration can only do so much to get new credit unions created, but the agency said it is making strides in chartering more de novos.
“Three or four new charters per year might not sound like a lot, but it represents positive momentum and aligns with historic trends,” NCUA Chairman Todd Harper said at the agency’s monthly board meeting Thursday.
The NCUA’s Office of Credit Union Resources and Expansion briefed the board on the agency’s efforts to modernize the chartering process.
Harper said the emergence of non-depository financial institutions and fintechs has undoubtedly combined with the need to quickly achieve economies of scale to dampen interest in starting new credit unions.
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