Adult industry group eyes credit union.
The Free Speech Coalition says widespread account closures have left workers and businesses searching for a financial institution of their own.
The Free Speech Coalition, the trade association for the U.S. adult entertainment industry, is seeking to form a credit union, saying members of the industry have faced persistent problems accessing basic banking and payment services.
The organization has launched an online survey to gauge interest in a potential credit union and demonstrate to regulators that enough prospective members would use one. “The Free Speech Coalition is serious about starting an adult industry credit union,” the group said on its website.
The effort comes as the National Credit Union Administration is trying to make it easier to establish new credit unions, even as the industry continues to consolidate. In March, the agency launched the first phase of a redesigned online charter application system, beginning with preliminary approval of a proposed institution’s field of membership. The NCUA has said additional phases are planned, with a fully automated system targeted for 2027.
Still, forming a new credit union remains unusual. The NCUA has chartered no new credit unions so far in 2026. It chartered four in 2024 and three in 2025, and just 33 new credit unions have been established nationwide since 2014.
The Free Speech Coalition says its motivation is financial access.
On its survey page, the organization says nearly two out of three people who work in the adult industry have had an account shut down by a bank or payment app. It specifically asks respondents whether they have had accounts closed by Wells Fargo, Bank of America, PayPal or other financial institutions.
The coalition said it has spent years advocating for the industry’s access to financial services, including meetings with Congress, regulators and banking industry groups. But it said those efforts have not gone far enough.
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Youth banking: Growing the next generation of account holders.
Financial habits are formed early, but most financial tools are designed for adults. As a result, families often rely on cash, shared cards, or disconnected apps to teach money management, making it difficult to balance independence with oversight.
At the same time, younger generations expect intuitive digital experiences, creating a gap between how they interact with money and how financial services are delivered. Financial institutions need age-appropriate solutions that engage younger account holders while supporting parents and caregivers.
“The de-banking of our industry has reached crisis levels,” the organization said, adding that it had decided to pursue a credit union “to fill this important need.”
The proposed institution would be aimed at workers and businesses in an industry that the coalition says has faced discrimination and financial restrictions because of its association with adult entertainment. Founded in 1991, the Free Speech Coalition describes itself as an advocate for the rights and freedoms of the adult industry.
The group’s push comes at an unsettled time for new credit unions. The NCUA’s chartering initiative reflects an effort by Chairman Kyle Hauptman to encourage new institutions at a time when mergers and consolidation have reduced the number of credit unions.
At the same time, several recently chartered institutions have run into serious financial trouble almost immediately.
African Diaspora Federal Credit Union in St. Louis, which was chartered in May 2025, was liquidated by the NCUA last week after the agency determined it was insolvent and operating in an unsafe and unsound manner. The credit union had 183 members and $547,479 in assets, according to its most recent Call Report.
Soul Community Federal Credit Union in Georgia was liquidated in June 2025, only six months after receiving its charter. Mark Treichel, a former NCUA executive director and founder of Credit Union Exam Solutions, told Tyfone at the time that the period between chartering and liquidation was “unheard of.”
People Trust Community Federal Credit Union in North Little Rock, Ark., was chartered in 2022 and later placed into conservatorship before being liquidated this year. The NCUA has also intervened in other financially troubled institutions, underscoring the challenges facing small credit unions with limited resources.
For the Free Speech Coalition, the challenge will be not only demonstrating demand for a specialized institution but also navigating the regulatory process and building a viable financial institution in a sector where access to banking has become a central concern.
The coalition’s survey is an early step. Whether that interest ultimately becomes a credit union charter remains to be seen.
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
