Data-Driven De Novo Chartering Support for Organizing Groups, Fintechs and Credit Unions.
The US charters only a handful of new credit unions each year. It is not because the need is gone. It is because the path is hard, and most groups underestimate what the NCUA requires before it will approve a new charter. Below are some of the challenges.
A Demanding Charter Application: The NCUA expects a detailed business plan, realistic pro forma financials, and clear evidence that your members want and need the institution.
A Field of Membership You Have to Defend: Your common bond or community must be well-defined and documented to the regulator's standard before approval.
Capital and Committed Subscribers: You need pledged members and initial capital in place. A good idea is not enough on its own.
The path is hard. With the right partner, it is achievable.
A De Novo Charter
Groups that charter with CUCollaborate get more than paperwork support. They get a data-backed case for approval.
Forming a de novo credit union moves through four stages. We turn a hard, uncertain process into a clear plan by combining proprietary data tools with deep chartering expertise.
Define the common bond or community you will serve, and confirm there is a viable, underserved market to support the institution.
Build the NCUA-required business plan, including realistic financial projections, a management plan, and supporting market analysis.
Assemble and submit a complete application to the NCUA or your state regulator, built to withstand review.
Stand up operations and position the new credit union for Low-Income Designation and CDFI Certification from the start.
Opening a credit union is one of the hardest things to do in this industry. We make the path clear, the case strong, and the approval far more likely.
Our team brings decades of experience in credit union mergers, strategic planning, and financial modeling.
Ben is the Director of Partnerships at CUCollaborate, bringing over twelve years of experience in the credit union industry. In his current role, he leads partnerships, manages special projects, and supports account management. Ben is also an organizer of Arise Community Credit Union, a de novo credit union, and serves on the board of the Association for Black Economic Power. His career includes roles at a credit union and the state league in Minnesota. Ben graduated from the University of Minnesota and has been honored with the AACUC Commitment to Change Young Professional Leadership Award and recognized as a Credit Union Rockstar.
Chris has more than 11 years of experience in consulting with a focus on data analytics, managerial cost accounting, workload modeling, performance and financial management. Before joining CUCollaborate, Chris helped clients develop and mature analytical capabilities to inform strategic business decisions at Grant Thornton, Deloitte and Callahan & Associates.
With a master’s degree from the O'Neill School of Public & Environmental Affairs, Emily has experience working in local governments, with non-profit and community partners, and large federal agencies. Prior to joining CUCollaborate, Emily built managerial cost accounting models and oversaw increasing adoption of data modeling to improve transparency and business processes in federal budgeting. Emily strives to make her clients feel heard and aims to foster collaborative adoption and application of data and technology that enable credit unions to better serve local communities and achieve their missions.