New Charter For 'Virtual CU'

DALLAS - (01/10/05) -- NCUA said it has approved a creditunion charter for members and alumni of Kappa Alpha PSI theAfrican-American college fraternity that serves numerous campusesacross the U.S. Organizers of Kappa Alpha PSI FCU do not plan tobuild any brick and mortar but will mainly operate over theInternet, according to Tom Hodges, vice president of memberservices for the Texas CU League, who helped organize the newcredit union. "It will basically be a virtual credit union. There'snot going to be any walk-in traffic," Hodges told The Credit UnionJournal. The fraternity is based in Philadelphia but the creditunion was organized by members in the Dallas area. "It's a nationalfraternity and most college campuses have them, so we have highhopes it can develop an active membership base," said Hodges. Thenew credit union was only the sixth chartered in 2004, believed tobe the fewest number in almost a century.