The National Credit Union Administration grants a new charter in California, marking the third de novo credit union formed in 2025 as the industry continues to contract.

A new financial institution will soon open its doors in Santa Clara, California, after the National Credit Union Administration announced on Monday that it had granted a federal charter and Share Insurance Fund coverage to Haven Federal Credit Union. 

The move marks the third new federal credit union chartered this year, a pace the agency has described as both modest and historically consistent.

“Chartering a new credit union is a significant achievement,” NCUA Chairman Kyle Hauptman said in the announcement. “A new credit union means new opportunities, particularly in underserved communities.” He added that Haven has set a goal of helping its members with a fundamental need: homeownership. 

Haven will operate as a multiple common bond credit union with a potential membership exceeding 300,000 people. Membership eligibility includes associational and occupational groups, as well as those who live, work, worship, or attend school in an underserved area in the San Jose–San Francisco–Oakland region. 

The credit union plans to focus on expanding access to homeownership and improving financial literacy — two areas federal regulators have identified as persistent gaps for low- and moderate-income households.

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In its first year, Haven intends to offer a suite of savings and lending products, including residential mortgages, home-equity loans, high-yield share accounts, checking accounts, and auto loans. 

Its charter became effective December 8.

The creation of Haven follows two earlier charters granted this year: African Diaspora Federal Credit Union in St. Louis and Heritage Hub Federal Credit Union in Houston. While these additions represent progress, they also highlight how few new institutions have entered the system in recent years. The NCUA chartered only four credit unions in 2024 and three the year before. Since 2014, just 33 new credit unions have been formed nationwide.

Still, the agency has framed the uptick as meaningful. “Three or four new charters per year might not sound like a lot, but it represents positive momentum and aligns with historic trends,” former board member Todd Harper said during an agency meeting last year.

The broader industry landscape remains challenging. The number of federally insured credit unions fell to 4,331 in the third quarter, down from 4,499 a year earlier. Mergers continue to accelerate: the NCUA approved 41 in the third quarter alone and 121 so far this year. 

Against that backdrop, each new charter carries added significance for regulators looking to preserve competition and expand access to financial services in communities that have seen institutions vanish.

“They plan partnerships with local organizations to provide members with financial literacy tools to help them realize their financial goals, including owning their own home. I applaud the organizers’ hard work and innovative thinking that resulted in their federal charter.”

– Kyle Hauptman
Chairman
NCUA