LANCASTER, Penn.–NCUA has granted a new federal charter to Community First Fund FCU here.
According to its mission statement, Community First Fund FCU intends to create financial equity through wealth-building opportunities for individuals and families, especially African Americans, Latinos, immigrants, and women. The credit union will serve the community of approximately 550,000 in Lancaster County, Penn., NCUA said.
Community First Fund FCU, which expects to begin operations by the end of this year, is sponsored by Community First Fund, a non-profit Community Development Financial Institution 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. As our country’s newest federally insured credit union, Community First Fund will fulfill that purpose,” NCUA Chairman Todd M. Harper said. “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.”
Encouragement for Other CDFIs
Added NCUA Vice Chairman Kyle Hauptman, “I’d like to congratulate everyone involved, including NCUA staff. 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.”
NCUA said CFFFCU will initially offer regular share and share draft accounts, youth accounts, MMAs, certificates, direct deposit, vehicle loans, personal loans, online banking and more.
In the future, Community First Fund Federal Credit Union plans to offer credit cards and first mortgages. Pending the NCUA’s granting the low-income credit union designation, the credit union will offer non-member deposits, the agency said.
Community First Fund Federal Credit Union is the second federal credit union chartered in 2021.