The Foundation Story

When we launched the CUDNC at the Underground in Vegas a couple of years ago, a large credit union and a CUSO asked how they could make a donation to our cause. We honestly hadn't thought of that, so we created a foundation! Your donations support grant programs that focus on the formation and organization of new credit union charters.

In the last three years only 8 charters have been granted. Of those, seven were black-led and the other Native American. Most new charters will never see the light of day because they are not able to raise adequate capital. We have been working closely with new charters, the NCUA, and various organizations that have provided "in kind" and greatly discounted service donations to drive the capital requirement down.

There is no minimum capital requirement for a de novo, it is completely dependent upon their business plan. But what we do know is that a credit union that wants to start with basic services, or what we like to call the "cigar box" credit union, that they can usually achieve that with $100,000.00 in capital. Capital is 100% a donation. It is not an investment and will not be repaid.

New credit unions are vital to the health and viability of the movement.