NCUA approves first federal charter in 2022
On Thursday, the NCUA announced its first federal credit union charter of the year for WeDevelopment Federal Credit Union in Kansas City, Mo.
The equity insurance fund charter and coverage for WeDevelopment officially went into effect on July 22 and officials said they expect the credit union to be operational at some point later in 2022. .
WeDevelopment will serve an economically disadvantaged area of Kansas City that has a poverty rate of approximately 30%; the membership scope covers approximately 130,000 people.
According to a statement from the NCUA, WeDevelopment will have a low-income designation “and will serve people who live, work, or regularly do business, worship, attend school, participate in headquartered associations, or participate in programs aimed at to alleviate poverty or distress in a specified area of Jackson County, Missouri.
“What the organizers of WeDevelopment have accomplished is a clear reminder of the statutory mission of the credit union system to meet the credit and savings needs of members, especially those of modest means,” said the president of the NCUA, Todd Harper. “They will serve low-income members to give them access to safe, fair and affordable financial services. In doing so, WeDevelopment will help its members build a safer future and strengthen its community. I am thrilled that the NCUA has helped this dedicated group realize their vision of financial stability and opportunity.
WeDevelopment will also serve companies and other legal persons located in its domain.
In its first year of operation, WeDevelopment is expected to offer products and services such as:
- Regular actions;
- Loans secured by savings;
- Share and share drafts;
- Online and mobile banking services;
- Car loans; and
- Home improvement loans.