BATTLE CREEK, Mich. – NCUA yesterday approved a charter for a new community development credit union for this city, to be called Inspire Community Development FCU.
The credit union will serve the city’s 50,000 residents and plans to open in May. Initially, the credit union plans to offer multiple types of savings accounts, including regular shares, club accounts, money market shares and share certificates. It also plans to offer a variety of personal loans, including alternatives to payday lenders and rent-to-own businesses. By 2013, the credit union anticipates offering share draft accounts, youth savings accounts, vehicle loans, and line-of-credit loans.
The CDCU is sponsored by Guardian Finance and Advocacy Services, a community organization whose mission is to provide financial stewardship and advocacy services to people in need located throughout 11 counties in southwestern Michigan.
Last year was the worst year on record for new charters with only two new credit unions approved: 1st Bergen FCU in Hackensack, N.J., and East River Development Alliance FCU in Long Island City, N.Y.
