Millions of justice-involved people are shut out of mainstream banking, can have their bank accounts suddenly closed, and are credit invisible.

First Step Alliance is committed to addressing systemic discrimination and reducing barriers to accessing affordable banking. We are working on starting a new credit union to provide a financial home for justice-involved individuals and their families. This not-for-profit financial institution will be the first and only of its kind, focusing on the financial needs of community members.

Everyone deserves a second chance. Access to fair and inclusive financial services can help people achieve financial stability, build credit, and create wealth, which also helps reduce recidivism. We need your support to turn this vision into a reality!

WHY IS THIS SO IMPORTANT?

More than 600,000 people are released from state and federal prisons in the U.S. each year and an estimated 24 million Americans have a felony record. For millions of formerly incarcerated individuals, fair treatment in banking is a huge issue. Many people can’t open a bank account or qualify for even a small emergency loan, forcing them to rely on high-cost, often predatory non-bank alternatives, like check cashers and payday lenders. Access to financial education is also limited, which can affect the ability to achieve long-term financial well-being. We are committed to changing this narrative and improving the financial lives of formerly incarcerated people and their families.

WHY A CREDIT UNION?

In the United States, there are nearly 5,000 credit unions serving over 100 million people. Like banks, credit unions accept deposits, make loans, and provide a safe place to save and borrow money. But unlike banks, credit unions are not-for-profit financial institutions, and are not driven by making big profits for shareholders. Instead, credit unions are all about people helping people. They provide better service and community support, generally offer lower rates on loans, and are democratically run – every member has one vote.

WHO WE ARE

The Organizing Members of the Proposed Federal Credit Union are experienced financial services professionals and formerly incarcerated community leaders committed to addressing systemic discrimination in accessing affordable financial services. Read more about us in the ABOUT section.

WHERE WE ARE TODAY

The National Credit Union Administration (NCUA), the government regulator for the credit union industry, has approved our request to move forward with a new charter application for our Proposed Federal Credit Union. First Step Alliance was also approved as a membership association for the new credit union. From government regulators, Congressional members, and the credit union industry, to reentry and other mission-aligned organizations, we have broad support for this groundbreaking new credit union.

FUNDING NEEDS

We are currently seeking donated capital to cover the NCUA's nminimum regulatory capital and other startup costs. Our initial goal is to raise $2 million and open the Credit Union's doors in early 2026.* We estimate this level of funding will support 10,000 members, $20 million in deposits, and thousands of loans to community members within the first three years of operation.

DONATE TODAY!

* should we not reach this initial funding goal, your donations and grants will be applied to expanding our existing Fresh Start programs and providing loans or grants to graduates of our Fresh Start Entrepreneurship Program to help them kickstart their new businesses.