Learn more about our proposed credit union and our progress toward receiving a charter.
Why open a credit union, not a bank?
Credit unions are non-profit organizations owned by the members who use their services. Unlike banks, the only goal of a credit union is to promote the financial well-being of its members (as opposed to banks, which primarily aim to create profits for shareholders).
How do you start a credit union?
Starting a credit union requires a charter — a license to operate — from the National Credit Union Administration (NCUA). The application process is fairly involved and requires applicants to:
- Gather data to demonstrate that the credit union will have enough members to be financially viable;
- Get commitments from donors for the start-up capital; and
- Develop a business plan and the policies that will govern the credit union.
After these steps are completed, the NCUA evaluates an applicant credit union’s likelihood of success based on the information provided in the charter application, and then makes a final determination on whether or not to grant a charter to the applicant
When will the credit union open?
The charter application process is complex. It can vary widely depending on many factors, and thus does not have a singular, guaranteed timeline. Additionally, starting a credit union involves not only successfully acquiring a charter from the NCUA, but also securing the vital staff, vendors, and other resources that will enable the credit union to operate. We’re aiming to work our way through all of these components as quickly as possible, with the goal of being operational in 2027.
Who will be able to join?
Free Speech Coalition members and their employees are eligible to become members of the credit union. An list of individuals and organizations qualified for FSC membership can be found here.
Got questions of your own? Drop us a line!