ALEXANDRIA, Va. – NCUA said this afternoon it approved a charter for Community Promise FCU, a low-income credit union that will serve 150,000 residents of the Kalamazoo, Mich., area.
Community Promise FCU is just the third credit union chartered so far this year and expects to open in November. Initially, the credit union plans to offer regular shares, club shares, share certificates, unsecured loans, share secured loans, auto loans, money orders, prepaid cash cards, and check cashing. Financial literacy and membership education initiatives are top priorities for the credit union.
“As a new charter in a market with few other insured financial institutions, this credit union will be well-positioned to make a significant difference in the local community,” said NCUA Chairman Debbie Matz.
This year's other new charters include Lakota FCU, which will serve the Lakota (Sioux) Native Americans in Pine Ridge, S.D., and Internet Archive FCU, in New Brunswick, N.J.