KANSAS CITY, Mo.—The first federal charter of 2022 has been granted to WeDevelopment FCU here. With share insurance coverage also in place, the credit union plans now to open later this year.
WeDevelopment will serve a community with a poverty rate of approximately 30%, according to the agency.
The new credit union will have a low-income designation and will serve people who live, work or regularly conduct business in, worship, attend school, participate in associations headquartered in, or participate in programs to alleviate poverty or distress in a specified area in Jackson County, Mo.
It will also serve businesses and other legal entities, incorporated and unincorporated organizations located in, or maintaining a facility located within that area.
‘A Clear Reminder’
“What the WeDevelopment organizers have accomplished is a clear reminder of the credit union system’s statutory mission of meeting the credit and savings needs of members, especially those of modest means,” said NCUA Chairman Todd M. Harper. “They will be serving a low-income membership to provide access to safe, fair, and affordable financial services. In doing so, WeDevelopment will help its members build more secure futures, and strengthen its community. I am pleased that the NCUA assisted this dedicated group in bringing their vision of financial stability and opportunity to reality.”
The Offerings
According to NCUA, WeDevelopment plans to offer products and services that include:
- Regular shares
- Share drafts
- Business share drafts
- Certificates
- IRAs
- New and used auto loans
- Signature loans
- Savings-secured loans
- Home improvement loans
- Wire transfers
- Debit/ATM access
- Online and mobile services
- Gift cards
- Cashier’s checks