NCUA Grants Only Third New Charter Of The Year

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ALEXANDRIA, Va. – NCUA announced this afternoon the awarding of a charter to a faith-based credit union in Charlotte, N.C., only the year’s third new credit union, continuing the drought in new charters.

There were only two new charters granted last year, the fewest in more than 70 years, and five in 2008.

The Shepherd’s FCU, granted a low-income designation by NCUA, will serve 1,400 members and employees of Unity, the Way of Holiness Christian Church in Charlotte. It was sponsored by the Neighborhood Church Coalition in Charlotte.

Shepherd’s FCU expects to open its doors in September and will offer regular shares, unsecured loans, and used vehicle loans. Planned future services include share certificates of deposit, new auto loans, check cashing, and an informational website.

The other two charters granted this year were for Inspire Community Development FCU and Chippewa Eagle FCU, both in Michigan.

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