NCUA announces first charter of 2022

The National Credit Union Administration has awarded its first federal credit union charter for 2022.

The NCUA announced that WeDevelopment Federal Credit Union in Kansas City, Missouri, will now be able to provide its community — which has a poverty rate of roughly 30% — with financial offerings such as certificates of deposits, home improvement loans and other services, the agency said Thursday.

"What the WeDevelopment organizers have accomplished is a clear reminder of the credit union system's statutory mission of meeting the credit and savings needs of members, especially those of modest means," Todd Harper, chairman of the NCUA, said in a press release. " In doing so, WeDevelopment will help its members build more secure futures, and strengthen its community."

The organization's charter and accompanying Share Insurance Fund coverage took effect on July 22, and it expects to commence operating later this year.

The NCUA has been working since earlier this year to streamline its process for founding new credit unions and is revising the regulatory path taken by those working on launching a new institution.

Using its low-income designation, WeDevelopment will cater to those who live, work or regularly conduct business, worship, or attend school in Jackson County, Missouri.

WeDevelopment marks the first charter granted to an institution by the NCUA in 2022. Four organizations were provided with a federal charter in 2021: Unity of Eatonville Federal Credit Union in Eatonville, Florida,  Capital Federal Credit Union in Lubbock, Texas, Community First Fund Federal Credit Union in Lancaster, Pennsylvania, and Maun Federal Credit Union in Kendall Park, New Jersey.