KATY, Texas-Upon further review, it appears efforts to form a credit union for professional athletes and their families is actually moving forward.

Stacey Fielder-August, former wife of retired Major League Baseball star Cecil Fielder, and the person who is spearheading the chartering effort, clarified for Credit Union Journal that efforts to charter the new credit union remain under way.

After NCUA reported to the Journal it had not received a charter submission for Players Choice Federal Credit Union, the name Fielder-August had selected for the credit union, nor was the agency aware of an effort to charter a credit union for pro athletes and their family, Credit Union Journal reported the effort might have stalled (Credit Union Journal, Dec. 24).

But not so fast, Fielder-August said last week. "This is a credit union we still expect to charter, and is something needed within the professional sports community."

Robert Hall, president of Hall Associates Consulting, Dumfries, Va., who is assisting in the CU chartering, said NCUA turned down the initial request for a trade industry profession (TIP) field of membership but expressed interest in the group seeking approval for a multiple common bond charter. Hall said efforts are under way to finalize the organizations to be part of the new FOM. He is hopeful that the credit union will chartered before the end of the year.

Fielder-August, also mother of Detroit Tigers first baseman Prince Fielder, founded Leagues of Their Own Inc. She stressed a credit union is needed today to help professional athletes, their wives, and families avoid financial hardships that often arise from athletes mismanaging their fortunes.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.