LUBBOCK, Texas–A new credit union here has received its charter: Capital FCU.
According to NCUA, Capital FCU expects to begin operations by the end of this year and will provide services to a multiple common-bond field of membership that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens — Lubbock, Texas Council #263, and an underserved portion of Lubbock County consisting of 39 census tracts.
“The organizers of Capital Federal Credit Union had the vision of providing much-needed financial services to people of color and underserved communities within Texas. Today, that vision has been realized,” NCUA Chairman Todd M. Harper said in a statement. “Providing greater access to fair and affordable financial products and services gives members a better foundation for building long-term financial security for themselves, their families, and their communities. I am pleased the NCUA was able to help Capital Federal Credit Union become a reality.”
The credit union will also work to obtain the low-income credit union designation by focusing on serving the Latin American population in the underserved area, NCUA said.
NCUA added that during its first year of operation, the new CU will provide its membership with essential credit union products and services, including regular shares, vehicle loans, personal loans, online and mobile banking. Plans call for adding share draft accounts and debit cards at a later time.
Mike Hensley is CEO, according to NCUA.
Capital FCU is the third federal credit union chartered in 2021. There are also state-chartered CUs named Capital Credit Union in Bismarck, N.D., and Green Bay, Wis.