NCUA grants second federal charter of 2023

The National Credit Union Administration has awarded a federal charter to Generations United Federal Credit Union in New York City.

This is the agency's second charter of 2023. In February, the NCUA granted a charter to For Members Only Federal Credit Union in Chicago.

Generations United FCU is sponsored by the United Church of Christ and will primarily serve employees and members of the church, the NCUA said. The organization has 4,700 churches and approximately 745,230 members.

"Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ," said NCUA Chairman Todd Harper in a press release.

The credit union expects to commence operations later this year and will provide deposit-related products and services as well as consumer loans tailored to its members' needs. 

During its initial years of operation, Generations United Federal Credit Union will focus on basic services, including personal loans, car loans and credit cards.

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Since 2014, the NCUA has granted only 26 new charters. The regulator granted four charters each of the last two years and just one in 2020.

The NCUA also closed one credit union so far in 2023. In March, the regulator liquidated Inter-American Federal Credit Union of Brooklyn, New York, after determining the credit union was not operating in a safe and sound manner.