GREENVILLE, S.C. NCUA is reviewing a charter application for a new community development credit union that would serve about 450,000 residents in Greenville County, near the home of two of the nation’s biggest payday lenders, which would be the first new credit union to be created in South Carolina in more than a decade.
The credit union is being organized by CommunityWorks, certified by the Treasury Department’s Community Development Financial Institutions Program, which has pledged a $250,000 non-member deposit, according to John Corcoran, assistant director of the four-year-old non-profit. The local United Way and at least one other foundation also have made pledges, giving the project financial commitments of $400,000, he said.
The area is home to 16 other credit unions, all but two of them employer based, the other two community charters, according to Corcoran, who said 17% of the surrounding area is either underbanked or non-banked.
Plans are to launch the new credit union in January 2014, he said.
