Why isn’t the NCUA chartering more de novos?

The regulator has approved only three new federal charters this year and just 29 in the past ten years.

The number of credit unions in the U.S. continues to shrink, and few new organizations are entering the landscape to replace those that merged or closed.

Case in point: There were 4,604 federally insured credit unions as of Dec. 31, 2023, compared to 4,760 a year earlier.

Meanwhile, the National Credit Union Administration chartered only three credit unions last year, and since 2014 the regulator has only chartered 29 new credit unions.

The NCUA has recognized the various problems involved with getting new organizations chartered and tried to address some of those by rolling out a provisional charter.


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