Starting a credit union from scratch is kind of like trying to open a restaurant—except the health inspector is also your loan officer, you need a small fortune before you can unlock the doors, and the rulebook is written in bureaucratic legalese.
Not exactly a walk in the park.
Corporate Central Credit Union gets it. And instead of waiting for new credit unions to clear every regulatory hurdle before offering support, they’re meeting them where they are—even before they’ve officially opened for business.
The organization just welcomed two brand-new members: the Seattle University Credit Union Initiative (which joined in November 2025) and the George Washington University Credit Union Initiative (February 2026). The twist? Neither one is technically a credit union yet. They’re what’s known as “de novo” initiatives—credit unions in formation, still working their way through the charter process.
Why This Actually Matters
Here’s the thing about launching a credit union: you need capital, regulatory approval, operational infrastructure, and a whole lot of patience. It’s a chicken-and-egg situation where you need resources to get started, but most financial partners won’t work with you until you’re already up and running.
Corporate Central saw that gap and decided to do something about it. They amended their membership bylaws—with approval from their board and the Wisconsin Department of Financial Institutions—to create a new category: associate membership for credit union initiatives.
“Our commitment is to the long-term strength of the credit union movement,” said Jesse Kohl, Senior Vice President Corporate Development. “Supporting entities that are actively seeking to become credit unions is fully aligned with who we are and what we stand for. We believe that when new credit unions succeed, the entire movement benefits.”
Walking the Talk
This wasn’t some token gesture. According to Cisco Malpartida Smith, who chairs the board for both university credit union initiatives, Corporate Central went above and beyond.
“When we began this work, we reached out to nearly every corporate in the country, and most told us they could only serve a fully chartered credit union or CUSO—being a credit union in formation wasn’t enough,” Smith explained. “Corporate Central was different: they acknowledged they faced the same limitation, then proactively moved to amend their bylaws, update their policies and forms, secure regulatory approval, and obtain board approval so they could support us as de novo initiatives.”
In other words, they didn’t just say “we wish we could help.” They changed their entire rulebook to make it happen. That’s the kind of institutional flexibility that’s rare in the financial world.
What Associate Membership Actually Provides
So what does this support look like in practice? Corporate Central offers these initiatives access to deposit and investment solutions—critical tools for building the capital reserves required to launch. Think of it as the financial scaffolding that holds everything up while construction is underway.
Beyond balance sheet support, Corporate Central also collaborates with these initiatives on long-term strategy. That includes exploring things like student lending programs, which could position these credit unions to make a real impact once they’re operational.
“This was a thoughtful and strategic decision,” said Pete Paulson, Senior Vice President and Chief Operating Officer. “If we want to see more credit unions serving communities, we must be willing to support them before they officially open their doors.”
Investing in What Comes Next
With two de novo members now in the fold, Corporate Central is setting a precedent for how established financial institutions can support the next generation of cooperative finance. It’s a recognition that the credit union movement doesn’t just need to maintain what exists—it needs to actively cultivate what’s coming.
“We are proud to support these organizations at such a critical stage,” Kohl added. “Helping them build capital, establish infrastructure, and prepare for launch is an investment in the future of cooperative finance.”
As communities across the country continue exploring new ways to serve their members through credit unions, having a partner willing to show up early makes all the difference. Corporate Central isn’t waiting for the finish line—they’re providing water stations along the route.