MILLVILLE, N.J. -
The trend could help reverse the dramatic decline in chartering of credit unions. Only four new credit unions were chartered last year, the fewest since before the Federal CU Act.
Three of the four were faith-based credit unions and all four were chartered as low-income credit unions, making them eligible to tap into NCUA’s community development fund.
The Tri-County Community Action Partnership said it is partnering with other community groups and financial institutions for the credit union start-up. One bank, Colonial Bank, has pledged a $100,000 non-member deposit for the project (see related stories, pages 1, 31).
