Chartering a new credit union shouldn't be this hard
Updated: Apr 15, 2021
In these fraught times, the National Credit Union Administration has lately lamented the difficulty of starting new credit unions of any kind, a concern that I and others have shared for decades. As well, it now has turned much attention to Diversity, Equity and Inclusion.
I recently published an article in American Banker/Credit Union Journal, and proposed using a portion of the money appropriated to CDFIs now and in the future to invest in start-up credit unions (and banks) for communities of color.
I wish all CDFIs the best of luck with the fantastic new resources that you have at your disposal. As I have written and told colleagues, this goes beyond the grandest dreams I nurtured when we pressed for the establishment of the CDFI Fund some 30 years ago.
Clifford Rosenthal is the author of Democratizing Finance: Origins of the Community Development Financial Institutions Movement and a member of the NYS CDFI Coalition's Advisory Committee.