WILMINGTON, Del. – NCUA said this morning it approved a charter for Stepping Stones FCU, the first new credit union of the year, continuing a dearth of new charters.
Stepping Stones FCU will have a low-income designation and offer service to the approximately 72,700 people in the city of Wilmington, the state capital.
Stepping Stones FCU expects to open its doors later this month. Initially, the credit union plans to offer multiple savings accounts, including regular shares, club accounts and share certificates. It also plans to offer a variety of personal loans, including signature, used auto, and share-secured loans, within the first 12 months of operation. Planned future services include sharedrafts and travelers checks.
The NCUA action comes as new credit union chartering has fallen to historic lows, with just three new charters approved last year, the fewest since passage of the Federal CU Act in 1934.
The new credit union is sponsored by the Delaware Community Reinvestment Action Council in Wilmington. The council’s mission is to ensure equitable treatment and equal access to credit and capital for the under-served populations and communities throughout Delaware through advocacy, education, legislation, and outreach.
The new credit union is sponsored by the Delaware Community Reinvestment Action Council, Inc., located in Wilmington. Founded in 1987, the DCRAC’s mission is to ensure equitable treatment and equal access to credit and capital for the under-served populations and communities throughout Delaware through advocacy, education, legislation, and outreach.The new credit union is sponsored by the Delaware Community Reinvestment Action Council, Inc., located in Wilmington. Founded in 1987, the DCRAC’s mission is to ensure equitable treatment and equal access to credit and capital for the under-served populations and communities throughout Delaware through advocacy, education, legislation, and outreach.
