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NCUA charters new credit union

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Banking, Inside the Beltway
Thursday, July 22, 2021
The National Credit Union Administration (NCUA) has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution (CDFI) that provides capital in communities where it otherwise might not be available for small businesses, affordable housing, and community development.

“Supporting underserved communities and providing capital for community development is at the core of the credit union mission,” NCUA Chairman Todd Harper said in a release. “As our country’s newest federally insured credit union, Community First Fund will fulfill that purpose. This credit union is opening in a time when the expansion of safe, fair, and affordable financial services and local investment is essential to the nation’s continued economic recovery from the COVID-19 pandemic.”

Community First Fund Credit Union hopes to create financial equity through wealth-building opportunities for individuals and families, especially African Americans, Latinos, immigrants, and women, according to its mission statement. It will serve around 550,000 in Lancaster County.

The new credit union will provide its membership with regular share and share draft accounts; youth accounts; money market accounts; share certificates; direct deposit; vehicle loans; personal loans; overdraft lines of credit; online banking; and ATM access. In the future, it intends to offer credit cards and first mortgages. Additionally, pending the NCUA’s granting the low-income credit union designations, the credit union will offer non-member deposits.

“I’d like to congratulate everyone involved, including NCUA staff,” NCUA Vice Chairman Kyle Hauptman said. “It’s a priority of my office to reform the de novo process. We can’t credibly talk about ‘access’ and ‘inclusion’ unless we’re doing all that we can do to allow new, stable charters. I’m gratified that Community First, a non-profit CDFI, saw the benefits of forming a credit union. I hope other CDFIs will explore the credit union option, which is one reason we are publicizing this latest successful de novo charter.”

Community First Fund Federal Credit Union’s charter became effective June 30, 2021. The institution expects to begin operations before the end of this year.

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