Wanted: More credit unions
"Well done is better than well said."
These wise words came from one of our nation's most quotable founders, Benjamin Franklin. His pithy quote came to mind as I thought about the many changes the National Credit Union Administration has recently made to improve the chartering process and its support of new credit unions. Indeed, the chartering of new credit unions to advance the financial security and prosperity of all Americans, especially those of modest means, is a core mission of the NCUA.
From 2012 through 2022, the number of federally insured credit unions annually decreased 3.5% on average, while the number of credit union members grew an average 3.7%. During that same 10-year period, the NCUA issued 27 new federal charters, with five more applications pending at this time.
While these numbers by no means indicate an increase in the overall number of credit unions as the consolidation of credit unions and banks has been consistent for decades across various economic and regulatory cycles they are a positive step forward in establishing more credit unions.