Charter Approved For Start-Up CU To Serve Mrtg. Bank

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NCUA said last week it has approved a charter for a new credit union to serve members of Unified Homeowners of Illinois Association, a group that provides counseling and other services to customers of TWA Corp., a local mortgage bank. The new credit union, the first chartered in Illinois since 2003, is also being sponsored by Greater Austin Childcare Providers and Latina Childcare Providers, according to Joyce Jackson, a field director with the Illinois CU League, which helped the groups in the chartering process.

"The credit union will start up without any reserves but will build them from retained earnings," Jackson, former head of NCUA's CDCU office, told The Credit Union Journal. TWA Corp. is providing office space and computer equipment to the credit union start-up.

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