On March 30, the NCUA announced the release of a “streamlined Phase 1 system“ for new federal credit union charter applications, noting additional updates to the remaining phases are forthcoming. Phase 1 of the new system focuses on obtaining preliminary approval of a proposed credit union’s field of membership. NCUA Chairman Kyle S. Hauptman stated that chartering “remains one of [his] highest priorities” and described the new system as “meaningful progress in easing the burden on organizers who want to establish a new credit union.” The action follows the NCUA Board’s December 2024 approval of $2 million in funding to develop the online chartering system, and the NCUA expects to release a fully automated system for processing charter applications in 2027.