CUCollaborate launches consulting practice to help build new credit unions.
The move comes as federal regulators seek to simplify chartering, even as only a handful of new credit unions are created each year.
Starting a new credit union has become such a rare undertaking that many in the industry view it as an exception rather than a viable path to expanding financial services.
CUCollaborate, a data and analytics company focused on credit unions, is betting that demand still exists if prospective organizers can navigate a process widely regarded as lengthy and complex.
The firm Thursday announced a new consulting practice dedicated to helping groups establish de novo credit unions — institutions built from scratch rather than through mergers or conversions. The offering formalizes work the company says it has been performing for the past three years, guiding organizers through the regulatory, financial and strategic steps required to secure a federal charter.
The launch arrives as the National Credit Union Administration has made chartering reform a priority. In March, the agency introduced a streamlined Phase 1 application system focused on preliminary approval of a proposed credit union’s field of membership, with additional phases expected to follow as it works toward a fully automated charter-processing platform planned for 2027.
“Chartering remains one of my highest priorities,” NCUA Chairman Kyle Hauptman said when announcing the changes. “Streamlining and systematizing the chartering process, as well as reducing unnecessary requirements, represents meaningful progress in easing the burden on organizers who want to establish a new credit union.”
For CUCollaborate, the regulatory changes coincide with a business opportunity. The company said it has participated in the chartering of three credit unions and worked with nearly a dozen organizing groups, experience it is now packaging into a dedicated consulting service.
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The practice is designed to support applicants through the three principal stages of creating a new institution: demonstrating the viability of the concept, preparing and submitting the charter application, and obtaining final approval from regulators.
Among its services are defining an institution’s field of membership, measuring the underserved populations it intends to serve, preparing business plans and pro forma financial statements, and helping applicants pursue Low-Income Designation and Community Development Financial Institution certification early in the process.
The consulting offering also incorporates CUCollaborate’s proprietary data tools, which the company says can later be used for branch planning, member acquisition and future field-of-membership expansion after a credit union opens.
“For decades, more credit unions have closed than opened,” Sam Brownell, chief executive of CUCollaborate, said in announcing the initiative. “We want to help reverse that.”
The service is aimed at a broad range of prospective organizers, including community groups, sponsors, fintech companies and existing credit unions interested in pursuing additional charters for specialized purposes.
The scarcity of new charters underscores the challenge the company hopes to address.
The NCUA granted a federal charter and Share Insurance Fund coverage to Haven Federal Credit Union in Santa Clara, Calif., in December, making it the third new federal credit union chartered during 2025.
No new federal charters have been awarded so far in 2026.
Those figures reflect a broader reality within the cooperative financial sector, where consolidation has steadily reduced the number of institutions even as many surviving credit unions have grown larger through mergers and acquisitions. Launching an entirely new institution requires organizers to demonstrate not only financial viability but also a clearly defined market need and governance structure capable of meeting regulatory scrutiny.
The NCUA has acknowledged those hurdles in recent years. In late 2024, the agency approved $2 million to develop an online chartering platform intended to modernize the application process and reduce administrative burdens on organizers.
Its recent Phase 1 rollout focuses specifically on reviewing proposed fields of membership before applicants proceed through later stages of the process. Additional enhancements are expected as regulators continue building the broader system.
CUCollaborate argues that data-driven planning can improve applicants’ chances of success by helping them document unmet demand and produce stronger business cases before submitting paperwork.
Whether that translates into a measurable increase in new institutions remains uncertain. Even with streamlined procedures, de novo chartering remains one of the more demanding undertakings in financial services, requiring years of preparation and regulatory review before a single account can be opened.
Still, the company’s new consulting line reflects a belief that there are organizers willing to attempt it — and communities that could benefit if they succeed. As federal regulators seek to make chartering more accessible, firms specializing in the process may become increasingly influential in determining whether new credit unions once again become a more common feature of the financial landscape.
“Chartering a new credit union is one of the most direct ways to bring financial services to people the system has left behind. This consulting line puts our data and our experience behind the groups doing that work.”
– Sam Brownell
CEO
CUCollaborate
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.
