NCUA announced it has approved a charter for Redeemer Federal Credit Union, making it the fourth new federally chartered credit union of 2015.
Specifically, NCUA's Office of Consumer Protection granted a single associational common bond charter to Redeemer FCU to serve members and employees of the Redeemed Christian Church of God North America Inc.
To be based in Greenville, Texas, near Dallas, Redeemer plans to open in December.
Capital for the credit union was committed by The Redeemed Christian Church of God North America, which is also providing free space, improvements and utilities.
The Redeemed Christian Church, a Pentecostal church, opened in Detroit, Mich., in April 1992. It has nearly 700 parishes throughout the country, with an estimated membership of 30,000 people.
During its first year of operations, the credit union plans to offer: regular shares, share certificates, club accounts, unsecured loans, share-secured loans, vehicle loans, direct deposit, money orders, and cashier's checks.
