The National Credit Union Administration has granted the third new federal charter of 2021.
Capital Federal Credit Union in Lubbock, Texas, has been approved to serve people of color and underserved communities in its state, the agency said Wednesday.
“Providing greater access to fair and affordable financial products and services gives members a better foundation for building long-term financial security for themselves, their families and their communities. I am pleased the NCUA was able to help Capital Federal Credit Union become a reality,” NCUA Chairman Todd Harper said in a press release.
Capital Federal Credit Union’s charter became effective Oct. 21, and the credit union expects to begin operations by the end of this year.
The credit union will provide services to a multiple common-bond field of membership that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens — Lubbock, Texas Council #263 and an underserved portion of Lubbock County consisting of 39 census tracts.
Capital FCU will work to obtain the low-income credit union designation by focusing on serving the Latin American population in the underserved area, the regulator said.
During its first year of operations, Capital FCU will focus on providing its membership with essential credit union products and services, including car loans and personal loans.
The NCUA
