Starting a new credit union will have a more streamlined process in the future. The NCUA announced a revised Phase 1 system for new charter applications for groups navigating the process to create a new federal credit union. The new Phase 1 system focuses on obtaining preliminary approval of the proposed credit union’s field of membership. 

In the agency’s release, NCUA Chairman Kyle Hauptmann noted that this effort is among his top priorities. 

“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. Anyone who seeks to form a credit union should have a fair and accessible opportunity to do so.”