NCUA charters two credit unions in one day.
The approvals bring the number of new federal credit unions chartered this year to two, even as the industry continues to consolidate.
The National Credit Union Administration has granted federal charters to two new credit unions in a single day, one in California focused on small-business lending and another in Maryland serving members of organizations supporting African diaspora communities.
The approvals, announced Friday, bring the number of new federal credit unions chartered in 2026 to two. Both institutions also received coverage from the National Credit Union Share Insurance Fund.
Accion Opportunity Federal Credit Union, based in Commerce, California, received a charter effective Oct. 5. The multiple common bond credit union has a potential membership of about 70,000 people through the Accion Opportunity Member Alliance and employees of Accion Opportunity Fund Community Development.
The institution was chartered to make member business loans, with a focus on low-income individuals and small-business owners. Its planned first-year offerings include consumer and business share accounts, checking accounts, personal loans and business financing for equipment, as well as secured and unsecured business loans.
“Today marks an important milestone as we welcome this newly chartered credit union into the cooperative system,” NCUA Chairman John Crews said. He said its focus on small-business lending and communities in need of financial services reflects the purpose of the credit union system.
The second charter went to All Peoples United Federal Credit Union, based in Columbia, Maryland. Its charter became effective Oct. 6.
The multiple common bond credit union will primarily serve members of First Trust Team Corporation, based in Columbia, and the Community Solidarity Network, based in Upper Marlboro. Both organizations share a mission of supporting Cameroonians and the broader African diaspora, according to the NCUA.
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All Peoples United plans to offer share accounts, checking accounts, signature loans and auto loans during its first year.
“NCUA is pleased to grant a federal charter to All Peoples United Federal Credit Union,” Crews said. He said the institution would expand access to affordable financial services and help empower communities through wealth building.
The two approvals come as new credit union formations remain relatively rare. The NCUA chartered three credit unions in 2025, including Haven Federal Credit Union in December, and four in 2024. Three were chartered in 2023. Since 2014, only 35 new credit unions have been formed nationwide.
One of the institutions chartered last year, African Diaspora Federal Credit Union in St. Ann, Missouri, was liquidated by the NCUA in August, less than 15 months after receiving its charter and share insurance coverage on May 19, 2025.
The new charters also arrive as the number of federally insured credit unions continues to decline, even as membership grows. The industry had 4,214 federally insured credit unions with 146.1 million members as of June 30, 2026, compared with 4,370 institutions and 143.8 million members a year earlier.
The figures illustrate a system with fewer institutions serving more members — a backdrop for two new entrants seeking to build membership around specific communities and financial needs.
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.
