#3465: Why Does It Appear 'Easier' to Merge Credit Unions Than to Launch One?

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If you missed it live, Zest AI’s Denise Wymore and Your Credit Union Partner's Tom Sakash joined us on the show to provide a CU De Novo Collective update — and asking: Why does it appear "easier" to merge credit unions than to launch one?

With more and more credit unions being merged but very few launched (145 lost to mergers to 4 launched in 2023), Tom and Denise are on a mission to make the process of launching new credit unions more efficient and attractive than ever. According to Tom, there are more than 60 new credit union proposals out there right now.

That said, they shared some hurdles de novo credit unions experience getting started but provided ideas on how to mitigate those challenges so more new credit unions can launch.

Denise and Tom also talked about the launch of the Louise Herring Fund to Support New Credit Union Charters that will help in this endeavor, as well as the positive discussions they've had with the NCUA.

Lastly, they addressed what the industry may look like if smaller credit unions disappear, sharing the significance of having new credit unions added to the industry.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.