NCUA approves 2020's first new credit union

The National Credit Union Administration has granted its first new charter of the year to Growing Oaks Federal Credit Union in Goldsby, Okla.

The charter was effective earlier this month, and the institution’s organizers expect to open in December, according to a press release on Tuesday. It will serve those who live and work in four Oklahoma counties – Canadian, Cleveland, McClain and Oklahoma.

During its first year, Growing Oaks will focus on providing consumer signature loans and auto loans with plans to begin offering mortgages in its third year of operating.

“It is always inspiring to see people in a community come together to create affordable financial opportunities for their neighbors and their local economy,” NCUA Chairman Rodney Hood said in the press release. “I congratulate the organizers whose vision and hard work made Growing Oaks a reality. I share their values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families.”

The industry has grappled with a dearth of new charters for years. Since 2014, NCUA has granted roughly 15 new charters, including at least two last year, for Maine Harvest Federal Credit Union in Unity and Otoe-Missouria Federal Credit Union in Red Rock, Okla.

The agency said last year that it would take steps to simplifying the chartering process in an attempt to spur more new credit unions.