A mortgage company-turned-credit union that had hoped to open its doors to its immigrant-based field of
Formerly First Immigrant's Funding, New American Credit Union is awaiting NCUA's final OK to open its doors.
The would-be credit union received word last week that the agency must get through a secondary level of review
Still, the league said everything still looks good for the new charter and should be on track for opening as a credit
New American will be a full-service financial institution dedicated to helping new immigrants get access to financial
The former mortgage company opened in 1995 with the goal of becoming a full-service financial institution and has
In looking at its financial institution chartering options, First Immigrant's Funding determined the credit union
But that doesn't mean First Immigrant's Funding didn't look at the other options. The mortgage company began
So the company turned to the CU movement. "It's a much better philosophical fit anyway, for what we're trying to
Reaching out to new immigrants can be a difficult venture, in part because some countries have no credit bureaus, so
Loan officers at the new credit union will sometimes have to process loans the old-fashioned way, creating a credit
New American is currently focusing on securing capital from other financial institutions. The credit union is seeking