Our target launch year is 2028. The exact timeline depends on completing our community survey (500 responses), raising adequate capital ($500K- $1M), and receiving final charter approval from the NCUA. The federal credit union charter process typically takes 18-36 months from final application to approval.
No. We are not yet a chartered credit union and cannot accept deposits, open accounts, or provide any financial services at this time. We are currently in the organizing phase, working toward charter approval. Once we receive our federal charter and launch operations, we will announce membership openings.
Once we are chartered and operational, membership will be open to beauty industry professionals nationwide. To become a member, you'll need to open a savings account with a minimum deposit of $25. This deposit establishes your membership and gives you ownership in the credit union. More details about eligibility and the membership process will be shared as we approach our launch date.
Our proposed field of membership includes barbers, hairstylists, nail technicians, estheticians, makeup artists, salon owners, barbershop owners, beauty school students and instructors, and other beauty industry professionals nationwide. We're building this credit union to serve anyone working in the beauty and personal care industry.
Once operational, membership will require a minimum deposit of $25 to open a savings account. This deposit makes you a member-owner of the credit union. There are no membership fees beyond this initial deposit.
Please consult with a tax professional regarding the deductibility of your contribution. We recommend discussing your specific situation with your tax advisor.
We are confident in our charter approval based on our preliminary NCUA approval and our organizing team's experience. However, if our charter application is not approved, all donors will be notified, and we will provide a full accounting of how funds were used in the charter pursuit process. Any remaining funds will be returned to donors proportionally or directed toward an alternative community benefit program with donor input.
Federal credit unions must meet strict capital and operational requirements. Startup costs include: technology infrastructure and core banking systems, regulatory compliance and examination fees, insurance and bonding, professional services (legal, accounting, consulting), office setup and initial staffing, marketing and member outreach, and operating reserves required by regulators. These funds ensure we can launch safely, securely, and sustainably.
Credit unions are not-for-profit financial cooperatives owned by their members. Unlike banks, which are owned by shareholders and seek to maximize profits, credit unions return earnings to members through better rates, lower fees, and improved services. Every member has equal voting rights regardless of account balance. Our focus is on serving our community, not generating profit for outside investors.
Yes. Once we receive our federal charter, all member deposits will be insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government. This is the credit union equivalent of FDIC insurance.
Once chartered, we plan to offer: checking and savings accounts, credit-building loans, business and equipment financing, personal loans, mortgage assistance, financial education and coaching, and retirement planning resources. All services will be tailored to the unique needs of beauty industry professionals.
The NCUA requires us to demonstrate community need and support for the credit union. We need 500 survey responses from beauty industry professionals to show regulators that there is real demand for this financial institution. Your 2-minute survey response directly supports our charter application and helps shape the services we'll offer.
Yes! Join our mailing list to receive regular updates on our charter progress, fundraising milestones, and launch timeline. We're committed to transparency throughout this process and will keep our community informed every step of the way.
This credit union is being organized by Edmund and Tracey Washington, co-founders of Razored Technologies and longtime beauty industry professionals and entrepreneurs. We're supported by No Grease Barbershops (14 locations nationwide) and a growing network of advisors and community partners. Learn more on our About Us page.
