Frequently Asked Questions About
FSC Starting a Credit Union
Did you know that nearly 2 out of 3 people who work in the adult industry have had an account shut down by a bank or payment app? Have you been a victim of bank account closures or refusals to open an account simply because of the way you earn a living? Do you worry it could happen to you?
The Free Speech Coalition has been fighting for our industry’s right to basic financial services for years – meeting with Congress, regulators, and banking industry groups to push for change. That work is important, but the de-banking of our industry has reached crisis levels. It’s time for us to build a solution that promotes the financial wellbeing of our community. We’re starting a credit union.
Why start a credit union, not a bank?
Credit unions are non-profit organizations owned by the members who use their services. Unlike banks, the only goal of a credit union is to promote the financial wellbeing of its members (not create profits for shareholders). As the organization whose mission is to protect the rights and freedoms of our members, it only makes sense for the Free Speech Coalition to form a financial institution that is wholly dedicated to serving our community.
How do you start a credit union?
We need a charter — a license to operate — from the National Credit Union Administration (NCUA). The application process is fairly involved and requires us to:
Gather data to demonstrate that the credit union will have enough members to be financially viable
Get commitments from donors for the start-up capital
Develop a business plan and the policies that will govern the credit union
The NCUA will evaluate our likelihood of success based on the information we provide and hopefully grant us a charter.
How long will it take?
The process can take a while. We estimate 2 years, which means we’re targeting a launch in January 2026.
Who will be able to join?
Free Speech Coalition members and their employees.